The naira continued to trade under pressure in the parallel foreign exchange market on Saturday, February 28, 2026, with the United States dollar exchanging at an average of ₦1,380 (selling) and ₦1,360 (buying) among traders in Lagos.
Information gathered from Bureau De Change (BDC) operators indicates that demand for the dollar remains strong, sustaining the gap between the official and unofficial markets.
Parallel Market Rates (Black Market)
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,360 | ₦1,380 |
Official Market Rates
At the official window, data shows that the dollar traded within a range of:
- Highest Rate: ₦1,369
- Lowest Rate: ₦1,345
The variation reflects ongoing volatility in the foreign exchange market as businesses and individuals continue to seek alternative sources of forex outside the banking system.
The Central Bank of Nigeria has consistently maintained that it does not recognise the parallel market as an official channel for foreign exchange transactions. The apex bank has repeatedly advised individuals and corporate entities seeking forex to conduct their transactions through authorised financial institutions.
According to the regulator, routing forex demand through banks is intended to improve transparency, stabilise liquidity, and curb speculative activities that often influence black market pricing.
Why the Rates Differ
Economic analysts note that discrepancies between the official and parallel markets are largely driven by:
- Limited forex supply relative to demand
- Import-dependent business activities
- Speculative trading and hoarding of dollars
- Delays or documentation hurdles in accessing official FX windows
Important Notice to Forex Users
Exchange rates in the parallel market are not fixed and may vary depending on location, volume of transaction, and negotiation between buyers and sellers. As a result, the actual rate at which individuals buy or sell foreign currency may differ from the figures quoted above.
