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Naira Holds Steady as Dollar Trades at ₦1,353 in Official Market, ₦1,375 on Parallel Market
The Dollar to Naira exchange rate remained relatively stable on Friday, February 27, 2026, with the local currency holding its ground across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel black market.
Data tracked by Ejes Gist News from the FMDQ exchange shows the naira trading at an average of ₦1,353 per US dollar in the official window, reflecting marginal movement compared to previous sessions under the Central Bank of Nigeria’s (CBN) managed float regime.
Official Market Rate (CBN/NFEM)
In the official market, the exchange rate is determined through regulated trading among authorized dealers and commercial banks under the supervision of the Central Bank.
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Key characteristics of the official window include:
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Transparent interbank transactions
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CBN liquidity interventions where necessary
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Market-driven pricing within regulatory oversight
The official rate remains the benchmark for government transactions, formal imports, and institutional transfers.
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Black Market Dollar to Naira Exchange Rate Today
On the parallel market—commonly referred to as the black market—the dollar continued to trade at a modest premium to the official rate, driven by informal demand and limited access to bank-supplied foreign currency.
Currency traders operating in Lagos and Abuja quoted the following rates on Friday morning:
| Market | Buying Rate | Selling Rate |
|---|---|---|
| Parallel Market (Black Market) | ₦1,365 | ₦1,375 |
The spread between buying and selling rates reflects dealer margins and short-term liquidity conditions. Notably, the gap between the official and parallel market rates remains moderate compared to the historic volatility recorded during earlier exchange rate crises.
Factors Influencing the Exchange Rate
Market analysts attribute the relative stability to a combination of improved foreign currency inflows and sustained Central Bank interventions.
The Dollar to Naira exchange rate continues to respond to:
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Foreign reserve levels and crude oil export receipts
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Monetary policy direction and interest rate adjustments
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Import demand and external payment obligations
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Investor confidence in Nigeria’s macroeconomic reforms
Sustained foreign currency inflows and disciplined fiscal management remain central to long-term exchange rate stability.
Outlook
Currency traders told Ejes Gist News that demand pressure typically increases toward the end of the month as businesses and individuals meet offshore obligations. However, they expressed cautious optimism that the naira would maintain its current range barring any major shocks to the global oil market or shifts in foreign investor sentiment.
Summary
The Dollar to Naira exchange rate today reflects a dual-market structure:
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Official Window: Provides regulated pricing for institutional and government transactions
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Black Market: Responds to immediate retail demand dynamics
As of Friday morning, the naira was trading at ₦1,353 in the official market and ₦1,375 on the parallel market, maintaining a relatively stable outlook for the close of the week.
Ejes Gist News Nigeria will continue to monitor exchange rate movements and provide daily updates. Follow us for real-time currency news and market analysis.
