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The Dollar to Naira exchange rate today, February 26, 2026, shows the naira trading at ₦1,347.99 per dollar at the official market window. The rate reflects transactions executed through Nigeria’s formal foreign exchange platform under regulated market conditions.
Ejes Gist News reports that the benchmark rate is sourced from the Nigerian Autonomous Foreign Exchange Market (NAFEM), where authorised dealers trade foreign currency under the supervision of the Central Bank of Nigeria (CBN).
CBN Official Rate (NAFEM)
The CBN-supervised NAFEM window recorded the dollar at:
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- ₦1,347.99 per $1
Authorised dealer data indicates that intraday trading fluctuated within a band of:
- ₦1,340 – ₦1,360 per $1
The official rate serves as the reference for government transactions, corporate settlements, and regulated foreign exchange allocations.
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How the Official Rate Is Determined
The NAFEM rate operates under a managed float system. Pricing is influenced by:
- Dollar supply from oil export proceeds
- Foreign portfolio investment inflows
- Demand from manufacturers and importers
- Central bank liquidity interventions
The CBN periodically intervenes to stabilise excessive volatility and improve liquidity conditions.
Dollar to Naira Parallel (Black) Market Rate
In the parallel market, commonly referred to as the black market, the dollar traded at a premium above the official rate.
Market checks across Lagos and Abuja indicate:
- ₦1,410 – ₦1,430 per $1
The higher rate reflects retail demand pressures, travel allowances, tuition payments abroad, and limited access to official FX windows.
Dollar to Naira Exchange Rate Today Spread
The gap between the official NAFEM rate and the parallel market rate currently stands at:
- ₦60 – ₦80 per $1
Analysts monitor this spread as an indicator of foreign exchange liquidity and market confidence. A narrower spread typically signals improved FX supply and policy effectiveness.
Why the Dollar to Naira Exchange Rate Matters
The Dollar to Naira exchange rate remains a critical economic benchmark with broad implications:
- Import Pricing: Nigeria depends on imports for fuel, pharmaceuticals, machinery, and consumer goods. Exchange rate shifts directly affect landed costs.
- Inflationary Pressure: A weaker naira can increase the cost of goods and services.
- Public Revenue: Dollar-denominated oil earnings convert into higher naira revenue when exchange rates rise.
- Investor Confidence: Stable FX pricing supports capital inflows and long-term investment planning.
Financial market observers state that sustained stability depends on improved foreign reserves, consistent oil production output, disciplined fiscal management, and transparent FX market operations.
The Dollar to Naira exchange rate continues to serve as a central indicator for businesses, policymakers, and households tracking Nigeria’s macroeconomic direction.
