The Nigerian naira continued to fluctuate against the United States dollar at the parallel market on Friday, February 27, 2026, amid sustained pressure on foreign exchange supply.
Currency traders in Lagos, particularly within the Bureau De Change (BDC) segment, quoted the dollar at ₦1,380 for selling and ₦1,360 for buying at the informal market, commonly referred to as the black market.
Parallel Market Rates (Aboki FX)
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,360 | ₦1,380 |
The parallel market remains a major source of foreign exchange for many individuals and small businesses due to limited access to official forex windows, despite ongoing regulatory concerns.
Official CBN Window
Data from the official market showed slightly lower rates within the regulated trading band monitored by the Central Bank of Nigeria (CBN).
| Currency Pair | Highest Rate | Lowest Rate |
|---|---|---|
| USD/NGN | ₦1,369 | ₦1,345 |
The CBN has consistently maintained that it does not recognize the parallel market, warning that forex transactions should be conducted through authorized financial institutions. The apex bank has repeatedly advised individuals and businesses seeking foreign currency to apply through commercial banks and approved dealers.
Why the Rates Differ
Analysts note that the disparity between the official and parallel market rates is driven by:
- Persistent demand for dollars for imports, travel, and tuition payments.
- Limited forex liquidity in the formal banking window.
- Speculative activities and inflationary pressures affecting the naira’s value.
Market Reality
Traders also emphasized that exchange rates are highly volatile and may vary across locations, transaction volumes, and negotiation margins, meaning actual buying or selling prices could differ from quoted averages during the day.
