Dollar to Naira black market rate climbs as Lagos operators struggle to meet growing demand for US dollars in Nigeria

For millions of Nigerians, the black market, often called the parallel market, is where the real action happens when it comes to foreign currency.

As of Monday, February 23rd 2026, operators in Lagos are buying the US Dollar at ₦1,350 and selling it at ₦1,360.

That ₦10 difference might seem small, but it’s the margin that keeps black market operators in business and reflects the persistent pressure on dollars in circulation.

Even as the Central Bank of Nigeria (CBN) tweaks policies and adjusts official rates, demand for dollars in the informal market continues to surge, especially among businesses and individuals with urgent international payments.

How Much Is Dollar to Naira Today in the Black Market

If you’re wondering what the going rate is today:

• Buying Rate: ₦1,350 per $1

• Selling Rate: ₦1,360 per $1

These rates can shift slightly depending on the transaction location, the amount being exchanged, and even negotiation skills.

Many Nigerians rely on these informal rates because accessing the official CBN window can be slow and sometimes limited.

Websites like Investors King Limited provide daily updates and in-depth reports for those who want to track fluctuations in real time.

Official Market vs Parallel Market Rates

The official Dollar to Naira rate is usually lower than the black market rate because the CBN manages liquidity and imposes regulatory controls.

But high demand for imports, school fees abroad, medical bills, and international transactions often pushes Nigerians toward the parallel market.

Even with official measures in place, including CBN policy adjustments, the black market continues to thrive as it reflects the real-time tension between supply and demand.

Traders and businesses often compare both official and parallel rates to gauge the health of the naira and anticipate economic trends.

For official updates, the CBN maintains a dedicated website at cbn.gov.ng, providing daily guidance on rates and monetary policy.

What’s Driving Today’s Black Market Rates

Several factors are keeping the Dollar in high demand on the streets:

1. Limited Forex Supply – Dollar inflows into Nigeria remain tight, squeezing the informal market.

2. High Import Demand – Nigeria’s economy depends heavily on imported goods, which fuels dollar consumption.

3. Speculative Activity – Traders often hoard dollars anticipating further naira depreciation.

4. Inflation and Economic Pressures – Persistent inflation erodes confidence in the naira and pushes demand for stable foreign currency.

Platforms like Aboki Forex keep daily tabs on these movements, giving Nigerians live updates and trend analyses.

Outlook for the Naira

The path of the naira in both the black and official markets depends heavily on several factors:

• Improved foreign exchange inflows, including oil revenue and diaspora remittances

• Policy consistency from the CBN

• Boosting domestic refining and export diversification

While these long-term factors could ease dollar demand, the short-term picture is still dominated by liquidity fluctuations and speculative pressure.

For individuals, investors, and businesses, staying on top of daily movements is crucial.

Planning costs, budgeting, and investment decisions all hinge on understanding both official and parallel market rates.

What’s Next?

In the coming weeks, attention will be on how oil revenue, remittances, and any new policy measures affect the naira.

Traders will be watching for signs of stabilization or further depreciation.

Businesses may need to hedge their forex exposure, while individuals relying on foreign payments will need to navigate ongoing volatility carefully.

If the CBN can improve forex supply and maintain consistent policy signals, the gap between the official and parallel markets could narrow.

But for now, the black market remains a highly sensitive barometer of Nigeria’s foreign exchange realities.

Summary

By MAX WINTERS, US DEPUTY SPORTS EDITOR

As of Monday, February 23rd 2026, the Dollar to Naira black market in Lagos stands at ₦1,350 for buying and ₦1,360 for selling, reflecting sustained demand pressure.

High import dependency, limited forex supply, speculative activity, and inflation continue to drive the parallel market.

Despite official CBN rates remaining lower, many Nigerians rely on the informal market for accessibility.

Analysts suggest that improved forex inflows, policy consistency, and export diversification are critical for easing the pressure on the naira, though short-term volatility is expected to continue.