Business
Naira Declines Amid USD Pressure on February 19, 2026
Naira exchange rate falls against US Dollar as official and parallel market gaps persist, highlighting tensions in Nigeria’s foreign exchange market
Fresh trading data shows the Naira experienced a modest decline against the United States Dollar on Thursday, February 19, 2026, signalling continued tension in Nigeria’s foreign exchange market.
Also read: Naira Strengthens Amid Rising Liquidity and Inflows
Analysts are closely monitoring the narrowing gap between official and parallel rates amid liquidity concerns affecting importers and manufacturers.
In the Nigerian Autonomous Foreign Exchange Market, the Naira opened at ₦1,346.40 per Dollar, slightly down from the previous day’s closing average.
Trading activity initially began at ₦1,340.00 before settling into the current range, reflecting persistent demand for the greenback.
Strong supply from institutional investors has helped prevent sharp swings, while the Central Bank of Nigeria maintains its policy corridor of ₦1,340–₦1,350 to preserve predictability for international transactions.
Meanwhile, activity in the parallel market remains robust, with the Dollar trading at a buying rate of ₦1,490 and a selling rate between ₦1,505 and ₦1,515 in major hubs such as Lagos and Abuja.
Stability in this market reflects a temporary equilibrium in retail demand for personal travel allowances and overseas tuition payments.
Despite recent resilience, the gap of over ₦150 between official and unofficial rates continues to challenge government efforts to unify exchange rates fully.
The Naira’s performance is being influenced by global oil price movements and domestic fiscal measures aimed at tightening liquidity.
Yesterday, the Naira appreciated slightly to ₦1,380 per Dollar in the parallel market from ₦1,385, even as it depreciated to ₦1,340 per Dollar in the official market.
According to Central Bank data, the indicative exchange rate rose to ₦1,340 per Dollar from ₦1,337, narrowing the margin between parallel and official rates to ₦40 per Dollar from ₦48 previously.
Also read: Dangote Predicts Naira Could Strengthen to N1,100
Analysts expect the official rate to hold steady barring major policy announcements or sudden shifts in foreign reserves, with the short-term trajectory hinging on end-of-week trading figures.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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