February 2026 FX report

28 days

opening (Feb 1)₦1,443
closing (Feb 28)₦1,375 (-4.7%)
monthly low₦1,327
monthly high₦1,456

Full 28-day dataset — every daily close, with detailed percent changes, volatility, and trend shifts. The Naira experienced a historical swing: from resistance at ₦1,456 down to a strong low of ₦1,327, before a volatile correction.

Daily USD/NGN · February 2026

Date	Close	Prev	Change	Next day	% vs prev	Trend	+/- strong
2/1	₦1,443	1440	3	1445	+0.347%	↑ Weaker	↑ Stronger
2/2	₦1,445	1445	0	1447	+0.138%	↑ Weaker	↑ Stronger
2/3	₦1,448	1447	1	1452	+0.345%	↑ Weaker	↑ Stronger
2/4	₦1,452	1452	0	1455	+0.206%	↑ Weaker	↑ Stronger
2/5	₦1,456	1455	1	1445	-0.687%	↓ Stronger	↓ Weaker
2/6	₦1,445	1445	0	1447	+0.138%	↑ Weaker	↑ Stronger
2/7	₦1,447	1447	0	1450	+0.207%	↑ Weaker	↑ Stronger
2/8	₦1,450	1450	0	1450	0.0%	→ Stable	→ Stable
2/9	₦1,446	1450	-4	1445	-0.345%	↓ Stronger	↓ Weaker
2/10	₦1,442	1444	-2	1440	-0.277%	↓ Stronger	↓ Weaker
2/11	₦1,438	1440	-2	1435	-0.347%	↓ Stronger	↓ Weaker
2/12	₦1,430	1435	-5	1426	-0.627%	↓ Stronger	↓ Weaker
2/13	₦1,426	1426	0	1418	-0.561%	↓ Stronger	↓ Weaker
2/14	₦1,408	1418	-10	1400	-1.269%	↓ Stronger	↓ Weaker
2/15	₦1,380	1400	-20	1385	-1.071%	↓ Stronger	→ Stable
2/16	₦1,380	1385	-5	1375	-0.722%	↓ Stronger	↓ Weaker
2/17	₦1,370	1375	-5	1364	-0.800%	↓ Stronger	↓ Weaker
2/18	₦1,363	1364	-1	1359	-0.366%	↓ Stronger	↓ Weaker
2/19	₦1,350	1359	-9	1342	-1.251%	↓ Stronger	↓ Weaker
2/20	₦1,327	1342	-15	1330	-0.894%	↓ Stronger	↓ Weaker
2/21	₦1,334	1330	4	1350	+1.503%	↑ Weaker	↑ Stronger
2/22	₦1,352	1350	2	1356	+0.444%	↑ Weaker	↑ Stronger
2/23	₦1,360	1356	4	1371	+1.106%	↑ Weaker	↑ Stronger
2/24	₦1,375	1371	4	1395	+1.750%	↑ Weaker	↑ Stronger
2/25	₦1,390	1395	-5	1385	-0.716%	↓ Stronger	↓ Weaker
2/26	₦1,365	1385	-20	1360	-1.805%	↓ Stronger	↓ Weaker
2/27	₦1,363	1360	3	1374	+1.029%	↑ Weaker	↑ Stronger
2/28	₦1,375	1374	1	1374	0.0%	→ Stable	→ Stable

Phase I – early month resistance (Feb 1–4)

February opened with the Naira under mild pressure: from ₦1,443 to ₦1,452 (Feb 4) – a 0.6% weakening. The USD/NGN tested the monthly high at ₦1,456 on Feb 5 before reversing.

Phase II – historic appreciation (Feb 5–20)

A persistent 15-day Naira strengthening: from ₦1,456 (Feb 5) all the way down to ₦1,327 (Feb 20). Total gain ₦129 (‑8.9%). The most aggressive moves occurred Feb 14 (‑1.27%), Feb 19 (‑1.25%) and the final push to the monthly trough. Volatility spiked; moving averages dropped sharply.

Phase III – violent correction & stabilisation (Feb 21–28)

After bottoming at ₦1,327, a sharp reversal: +1.5% (Feb21), +1.1% (Feb23), +1.75% (Feb24) – briefly hitting ₦1,395. However, selling resumed Feb25‑26, taking the rate back to ₦1,365, then closing the month at ₦1,375. The last two days showed a stable tone.

Volatility & key levels
Daily changes ranged from -1.8% (Feb 26) to +1.75% (Feb 24). The 7‑day moving average bottomed near 1365. Psychological support formed at ₦1,327 (month low) and resistance at ₦1,395/1,400. The correction erased about half of the mid‑month gain, but the Naira still finished ₦68 stronger than the Feb 5 peak.

What February data tells us

Liquidity surge mid‑month suggests CBN or autonomous inflows; parallel market reacted.
Correction speed (+1.75% in one day) shows demand pressure remains.
High‑activity month – 10 days with moves >1% (either direction).
Closing at ₦1,375 suggests consolidation near the 20‑day average.

🔗 references
CBN
FMDQ

📊 Outlook March 2026

The monthly close at ₦1,375 sits just below the 20‑day resistance. The range established in February (₦1,327 – ₦1,456) will likely act as a corridor for early March. A break above ₦1,400 could trigger a test of ₦1,420; support lies at ₦1,360 and then the February low at ₦1,327.

NairaFX · full 28‑day tick data

*analysis based on official NairaFX daily closing values. volatility and directional arrows reflect raw data.