The naira recorded slight movement against the U.S. dollar at the parallel market on Friday, February 20, 2026, with currency traders in Lagos selling one dollar for an average of ₦1,330 and buying at ₦1,305, according to Bureau De Change (BDC) sources.
Black Market Dollar to Naira Rate
| Transaction Type | Exchange Rate (USD/NGN) |
|---|---|
| Selling Rate | ₦1,330 |
| Buying Rate | ₦1,305 |
Official Dollar to Naira Rate (CBN Window)
At the official market, rates published showed a tighter range:
| Category | Exchange Rate (USD/NGN) |
|---|---|
| Highest Rate | ₦1,349 |
| Lowest Rate | ₦1,343 |
The Central Bank of Nigeria has consistently stated that it does not recognize the parallel market as an official foreign exchange window. The apex bank advises individuals and businesses seeking forex to process their transactions through authorized banks and approved channels.
Why the Rates Differ
Exchange rates in the black market often vary from official figures due to:
- Demand and supply pressures for foreign currency
- Volume of transactions
- Location-specific pricing among dealers
- Market speculation and economic sentiment
Because of these factors, the actual rate offered to buyers or sellers may differ slightly from the quoted averages.
