Naira Falls Against Dollar Across Markets on Feb 2

The naira reversed recent gains against the U.S. dollar on Monday, February 2, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,445/$1 for buying and ₦1,455/$1 for selling, weakening from ₦1,435/$1 recorded on Friday, representing a ₦20.33 loss.

At the official window, the naira slipped marginally to ₦1,390/$1 from ₦1,386/$1 recorded over the weekend.

Analysts project further strengthening of the naira in 2026, with the currency expected to trade within a narrower and firmer range, supported by improving foreign exchange fundamentals, higher FX inflows, reduced speculative pressures, and enhanced price discovery.

They added that clearer pricing mechanisms and improved transparency have helped restore investor confidence, boost FX liquidity, and support naira stability.