The naira continued to trade at a weaker level against the United States dollar in the parallel market on Thursday, February 26, 2026, highlighting the persistent gap between unofficial and official foreign exchange windows.
Information obtained from Bureau De Change (BDC) operators in Lagos showed that the dollar was sold at ₦1,380 and bought at ₦1,360 in the black market, commonly referred to as the Aboki FX segment.
Parallel Market (Black Market) Rates
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,360 | ₦1,380 |
In contrast, figures from the official window indicated slightly stronger performance for the naira.
Official Market Rates (CBN Window)
| Currency Pair | Rate |
|---|---|
| Highest Rate | ₦1,362 |
| Lowest Rate | ₦1,356 |
The Central Bank of Nigeria (CBN) has consistently stated that it does not recognize transactions conducted in the parallel market. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to process their requests through authorized financial institutions.
Despite this directive, demand pressures, limited forex liquidity, and turnaround time in the official window continue to drive many retail users and small businesses to the informal market, where exchange rates are determined purely by supply and demand dynamics.
Market analysts note that the disparity between the two markets remains a key indicator of underlying forex scarcity and speculative activity.
Disclaimer: Exchange rates in the parallel market are not fixed and may vary across locations, dealers, and transaction volumes. Rates at the point of purchase or sale could differ from those quoted above.
