The naira continued to trade within the ₦1,300 range against the United States dollar at the parallel market, commonly known as the black market, reflecting ongoing pressure in Nigeria’s foreign exchange landscape.
Black Market (Parallel Market) Rates
Checks from Bureau De Change (BDC) operators in Lagos indicated that on Monday, February 23, 2026:
| Dollar to Naira (USD/NGN) | Black Market Rate |
|---|---|
| Selling Rate | ₦1,370 per $1 |
| Buying Rate | ₦1,350 per $1 |
This means traders sold one dollar at approximately ₦1,370, while purchasing at about ₦1,350, with slight variations depending on location and transaction volume.
Official CBN Exchange Rate
At the official window, data associated with the Central Bank of Nigeria showed the naira trading within a narrower band:
| Dollar to Naira (USD/NGN) | CBN Rate |
|---|---|
| Highest Rate | ₦1,354 per $1 |
| Lowest Rate | ₦1,343 per $1 |
The gap between the official and parallel market rates highlights the persistent demand for foreign currency outside formal banking channels.
CBN موقف on Black Market Transactions
The Central Bank of Nigeria has repeatedly stated that it does not recognise the parallel market as an official channel for foreign exchange transactions. The apex bank has consistently advised individuals and businesses seeking forex to obtain it through licensed financial institutions.
Why Rates Differ
Foreign exchange rates in the black market often fluctuate throughout the day due to:
- Demand and supply dynamics
- Availability of dollars from informal sources
- Transaction size and negotiation margins
- Market speculation and economic sentiment
As a result, the actual rate at which individuals buy or sell may differ slightly from quoted figures.
