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Black Market Dollar to Naira Exchange Rate Today, Thursday, February 5, 2026
The dollar to naira exchange rate remained a major focus in Nigeria’s foreign exchange market on Thursday, February 5, 2026, as the local currency traded within mixed ranges across official and parallel market segments.
Currency dealers and financial market participants monitored movements closely following recent Central Bank of Nigeria policies aimed at stabilizing liquidity and improving price discovery.
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Ejes Gist News reports that exchange rate activity reflected ongoing adjustments between demand pressures and available foreign currency supply.
Official Market Performance
At the Nigerian Foreign Exchange Market, the naira traded at approximately ₦1,371 to the United States dollar during early trading hours. Market data indicated marginal improvement compared with rates recorded earlier in the week.
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Financial institutions processing international transactions quoted figures within the ₦1,368 to ₦1,372 band, reflecting relative stability in the official segment.
Analysts attributed the steadier performance to recent interventions designed to deepen liquidity and reduce volatility in the banking system. The Electronic Foreign Exchange Matching System continued to play a central role in determining daily official prices.
Parallel Market Rates
In the parallel market, also known as the black market, the dollar sold at higher rates compared with the official window. Bureau de Change operators in major commercial hubs including Lagos and Abuja quoted the dollar between ₦1,450 and ₦1,465.
The gap between official and informal rates remained narrower than levels seen in previous months, suggesting moderate confidence among retail traders and end users.
Currency traders reported cautious demand from importers and travelers, while remittance inflows provided limited support to supply.
Factors Influencing the Exchange Rate
Several economic variables continued to shape the dollar to naira exchange rate on February 5, 2026:
- Central Bank foreign exchange management policies
- Volume of dollar supply to commercial banks
- Demand from importers and manufacturers
- Diaspora remittance flows
- Global movements in crude oil prices
Financial experts noted that the naira’s performance often responds to short-term liquidity conditions and broader macroeconomic trends.
Market Outlook
Traders expect the exchange rate to remain sensitive to policy decisions and market fundamentals in the coming days. Improved foreign currency inflows could support further stability, while rising demand may exert renewed pressure on the naira.
The dollar to naira exchange rate on Thursday, February 5, 2026, underscored the continuing efforts to balance market forces and achieve sustainable currency stability across Nigeria’s foreign exchange system.
