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Dollar to Naira Exchange Rate Today, Saturday February 21, 2026.
The Dollar to Naira exchange rate today, Saturday February 21, 2026, reflects continued volatility across Nigeria’s official and parallel foreign exchange markets, as demand for the US dollar remains elevated.
Data from formal currency tracking platforms show the naira trading within the ₦1,340 range per dollar in the official market window. Ejes Gist News reports that the benchmark rate aligns with transactions cleared through authorised dealers and platforms linked to the Central Bank of Nigeria.
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Official Market Rate (CBN Window)
The official exchange rate represents transactions conducted through regulated channels, including commercial banks and approved dealers. The rate is influenced by:
- Foreign exchange supply from oil exports and remittances
- Monetary policy interventions
- Liquidity management by the Central Bank
The CBN publishes reference rates used for government transactions, international settlements, and corporate reporting. The official window remains the primary source for institutional forex access.
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How the Official Rate Is Determined
The current framework operates on a managed float system. Under this arrangement:
- Authorised dealers submit bids.
- The apex bank intervenes when necessary.
- Market-clearing rates are published through recognised platforms such as the FMDQ Securities Exchange Limited.
This structure aims to promote transparency while stabilising currency fluctuations.
Parallel Market (Black Market) Rate
Outside the regulated window, the parallel market—commonly referred to as the black market—records different buying and selling rates. Dealers in major commercial centres such as Lagos and Abuja quote figures that may trade above the official benchmark, depending on demand pressure and dollar scarcity.
Parallel market rates are typically driven by:
- Retail demand for travel and tuition payments
- Import-dependent transactions
- Speculative positioning
The CBN does not recognise or regulate transactions conducted in this segment.
Key Factors Influencing the Dollar to Naira Exchange Rate
Several structural and macroeconomic factors continue to shape the Dollar to Naira exchange rate:
1. Foreign Exchange Reserves
Higher reserves strengthen the central bank’s capacity to defend the naira.
2. Oil Revenue Performance
Nigeria’s earnings from crude oil exports remain a major source of dollar inflows.
3. Inflation and Interest Rates
Monetary tightening policies influence investor confidence and capital flows.
4. External Debt Obligations
Dollar-denominated repayments increase demand pressure in the forex market.
What the Current Rate Means for Nigerians
The exchange rate directly affects:
- Import costs and consumer prices
- Aviation and international travel expenses
- Tuition payments abroad
- Fuel pricing dynamics
- Manufacturing input costs
Businesses reliant on imported raw materials adjust pricing structures in line with prevailing forex conditions.
Historical Context of Naira Performance
Since the foreign exchange unification reforms introduced in 2023, the naira has operated under a more market-determined structure. This policy shift sought to reduce arbitrage opportunities between multiple exchange windows.
Financial analysts continue to monitor:
- Spread between official and parallel rates
- CBN intervention frequency
- Foreign portfolio inflows
These indicators serve as signals of market confidence and liquidity strength.
How to Track Dollar to Naira Exchange Rate Accurately
For verified updates, stakeholders rely on:
- Central Bank publications
- FMDQ trading summaries
- Commercial bank rate sheets
- International currency monitoring platforms
Rates may vary slightly between institutions due to transaction charges and spreads.
The Dollar to Naira exchange rate remains a central economic indicator, shaping fiscal policy decisions, investor sentiment, and household purchasing power across Nigeria.
