The naira continued to trade against the United States dollar at varying rates across the parallel market, commonly referred to as the black market, reflecting ongoing pressure in Nigeria’s foreign exchange environment.
As of Sunday, February 22, 2026, currency traders in Lagos reported that the dollar was sold at an average of ₦1,330 and purchased at about ₦1,315 in street transactions. These figures are based on information gathered from dealers operating in key informal forex hubs.
Black Market Dollar to Naira Rate (USD/NGN)
| Transaction Type | Rate |
|---|---|
| Selling Rate | ₦1,330 |
| Buying Rate | ₦1,315 |
The parallel market remains highly fluid, with rates changing multiple times within a single day depending on demand, availability of dollars, and bargaining power between traders and buyers.
Official CBN Dollar to Naira Rate Today
At the official window, data indicates that the exchange rate quoted within the regulated market ranged between ₦1,343 and ₦1,349 per dollar.
| Category | Rate |
|---|---|
| Highest Rate | ₦1,349 |
| Lowest Rate | ₦1,343 |
The gap between the official and parallel market rates highlights the persistent foreign exchange supply constraints and strong demand for dollars from importers, travelers, and businesses.
The Central Bank of Nigeria does not recognize the parallel market as an official channel for foreign exchange transactions. The apex bank has repeatedly advised individuals and corporate entities seeking forex to obtain it through authorized financial institutions such as commercial banks and licensed dealers operating within the formal system.
Why the Rates Differ
Foreign exchange prices in the black market are not fixed and may differ from what is published due to several factors:
- Location-based demand and supply dynamics
- Volume of transaction
- Speculation and market sentiment
- Availability of forex liquidity on a given day
- Negotiation margins among traders
Because of these variables, the actual rate you receive when buying or selling dollars may be slightly higher or lower than the quoted averages.
