Naira Holds at 1,345/$ in Official Market as Parallel Rate Widens to 1,510 Amid Mid-Week FX Pressures

Nigeria’s foreign exchange market recorded mild fluctuations on Wednesday as liquidity demands shaped trading activities across both the official and parallel windows.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed that the Naira traded at an average of 1,345.45 against the United States Dollar as of February 18, 2026. The local currency experienced early volatility during the morning session, briefly strengthening to 1,343.76 before settling at its current rate.
Market analysts linked the relative calm in the official window to sustained interventions by the Central Bank and steady inflows from export proceeds. Nonetheless, intraday high and low margins remain closely watched by corporate buyers seeking to hedge against possible late-session swings.
At the parallel market, however, the Dollar continued to command a significant premium. Checks from Bureau De Change operators in major commercial centres indicated that the greenback was being bought at 1,480 and sold between 1,495 and 1,510 per Dollar.
The persistent disparity between the official and informal markets—commonly described as the arbitrage gap—remains driven by retail demand for school fees, travel allowances, and small-scale import transactions that are not easily accommodated within the official framework.
Despite the gap, the Naira’s current performance signals cautious optimism in the broader economy. While the currency has avoided the steep depreciations witnessed in previous cycles, inflationary pressures still weigh on pricing decisions within the informal segment.
Experts noted that sustained foreign exchange supply through the Nigerian Foreign Exchange Market could help narrow the parallel market premium before the close of trading this week. In the interim, businesses and individuals are advised to rely on official channels for more transparent pricing benchmarks.
Meanwhile, activity in the cryptocurrency market showed mixed performance. Litecoin (LTC) declined by 1.8 per cent to $53.99, while Bitcoin fell 1.7 per cent to $67,446.46. Cardano (ADA) shed 1.5 per cent to $0.2810, Binance Coin (BNB) dropped 1.4 per cent to $617.60, and Solana (SOL) slipped 0.9 per cent to $84.97. Ripple (XRP) eased 0.7 per cent to $1.47, and Dogecoin (DOGE) edged down 0.04 per cent to $0.1005.
On the upside, Ethereum (ETH) gained 0.2 per cent to trade at $1,992.22, while US Dollar Tether (USDT) and US Dollar Coin (USDC) remained stable at $1.00 each.