Naira Holds Steady Against Dollar as CBN’s Matching System Gains Traction | Opinion Nigeria
Data from early February 9, 2026 show the naira lingering near ₦1,363/$ in the official foreign exchange window, with the parallel market quoted around ₦1,440–₦1,455.
Traders and market watchers say the reduced gap between the official and informal rates reflects a calmer trading environment, with fewer panic-driven jumps than seen in 2025.
The Central Bank of Nigeria (CBN) introduced the Electronic Foreign Exchange Matching System (EFEMS) in late 2024 to unify foreign exchange trading, improve transparency, and cut out distortions between windows.
Officials have credited the system with bringing more orders into the official market and narrowing the spread between official and parallel rates, though the informal market still trades at a premium.
Economists and currency dealers note that panic buying and speculative pressure, once common drivers of volatility, have eased as EFEMS provides clearer price discovery and tighter oversight.
The currency’s resilience comes amid broader foreign exchange reforms and firmer external reserves, which give the apex bank more firepower to manage liquidity and moderate sharp moves.
