The naira continued to trade under pressure in the parallel foreign exchange market on Tuesday, February 24, 2026, with the U.S. dollar exchanging at higher levels across major trading hubs in Lagos.
Sources within the informal currency market, popularly known as the black market, confirmed that Bureau De Change operators sold one U.S. dollar at approximately ₦1,370, while the buying rate hovered around ₦1,350. The slight gap between buying and selling prices reflects ongoing volatility and demand-driven pricing typical of the unregulated segment of Nigeria’s forex market.
Parallel Market (Black Market) Rates
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,350 | ₦1,370 |
Market participants say demand for dollars from importers, travelers, and small businesses continues to sustain activity in the parallel market, despite regulatory warnings.
Official Window Rates
Data from the official market showed that rates remained within a similar band:
| Currency Pair | Lowest Rate | Highest Rate |
|---|---|---|
| USD/NGN | ₦1,351 | ₦1,362 |
The slight difference between the official and parallel market rates highlights ongoing liquidity challenges and the fragmented nature of Nigeria’s foreign exchange system.
The Central Bank of Nigeria has consistently maintained that it does not recognize the parallel market. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to obtain it through authorized financial institutions, including commercial banks and approved dealers.
According to the regulator, patronizing unofficial channels undermines efforts to stabilize the naira and improve transparency in forex transactions.
Why Rates May Differ
Currency traders note that the figures quoted in the parallel market are not fixed. Prices often vary based on:
- Location and volume of transaction
- Demand–supply dynamics at a given time
- Negotiation margins between buyers and sellers
- Economic news and policy expectations
As a result, the actual rate offered to customers may differ slightly from widely reported averages.
