The naira continued to trade against the United States dollar at varying rates across the informal foreign exchange market on Saturday, February 21, 2026, reflecting the persistent demand for hard currency outside official channels.
Currency traders in the parallel market in Lagos quoted the dollar at an average selling rate of ₦1,330 and a buying rate of ₦1,315, based on information obtained from Bureau De Change (BDC) operators.
Black Market Dollar to Naira Rate Today
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,315 | ₦1,330 |
The parallel market, commonly referred to as the black market, remains a major source of foreign exchange for individuals and small businesses who are unable to access dollars through official banking channels.
Official CBN Dollar to Naira Rate Today
Data from the Central Bank of Nigeria showed the naira trading within the following range at the official market window:
| Currency Pair | Highest Rate | Lowest Rate |
|---|---|---|
| USD/NGN | ₦1,349 | ₦1,343 |
CBN موقف on Parallel Market Transactions
The apex bank has consistently maintained that it does not recognize the parallel market as a legitimate channel for foreign exchange transactions. The regulator has repeatedly advised individuals and corporate entities seeking forex to apply through authorized financial institutions rather than patronizing street traders.
Why Rates Differ
Exchange rates in the black market are not fixed and may vary throughout the day depending on:
- Demand and supply pressures
- Volume of available foreign currency
- Location of transaction
- Negotiation margins among traders
As a result, the rate at which individuals buy or sell dollars may differ slightly from the figures quoted above.
The continued gap between the official and parallel market rates highlights ongoing liquidity challenges and sustained pressure on Nigeria’s foreign exchange system.
