Nigeria Today's Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 2 February 2026

Key points:

Official CBN (NFEM) Rate: ₦1,396.88 / USD
Black-Market Rate: ₦1,465 - ₦1,480 / USD (range)
Drivers: Sustained liquidity from the Central Bank of Nigeria's (CBN) consistent policy of clearing verified FX backlogs; Successful integration of the Electronic Foreign Exchange Matching System (EFEMS), fostering transparency; Gradual increase in oil production figures.
Top Tools: CBN Forex Portal, Aboki Fx


The Naira opened the first week of February on a steady footing, maintaining its position within the ₦1,390 range in the official market. The stability in both official and parallel markets is attributed to successful CBN interventions, reduced speculative activity, and adequate supply meeting current retail demand.

• What's the gap between CBN & black-market rates? The premium remains within a narrowed range of approximately ₦68 to ₦83. This stability, despite the start of a new month, which often brings increased demand, indicates that the narrowing gap has discouraged speculative hoarding and that supply is currently meeting needs in the informal sector.
• Will the naira strengthen further? The outlook for February is cautiously optimistic. With steady external reserves, rising oil production, and effective CBN systems in place, the currency is well-positioned to maintain its current defensive posture. The sustainability of this stability will be indicated by the trade volumes and depth in the official market throughout the week.
• How do oil prices affect rates? A gradual increase in oil production figures is directly cited as a factor supporting the Naira's current position. This production boost contributes to the foreign exchange reserves and overall dollar liquidity, providing fundamental support that allows the CBN's policy tools (like clearing backlogs and the EFEMS) to function effectively in maintaining market stability.