Business News
Dollar trades at ₦1,480–₦1,510 in Black Market despite official calm
Nigeria’s foreign exchange market continued to display volatility mid-week as liquidity pressures influenced both the official and parallel segments of the foreign exchange landscape.
As of Wednesday, February 18, 2026, the Naira recorded slight fluctuation against the United States Dollar.
In the official market (NAFEM), data from the Nigerian Autonomous Foreign Exchange Market shows the Naira trading at an average of ₦1,345.45 per USD. Earlier in the trading session, the currency briefly strengthened to ₦1,343.76 before settling at its current level.
Market analysts attributed the relative stability in the official window to sustained interventions by the Central Bank of Nigeria (CBN) and steady inflows of export earnings, which have helped cushion extreme volatility. However, intraday fluctuations remain under close watch, particularly by corporate buyers managing exchange-rate risk exposures.
In contrast, the parallel market (black market) continues to reflect significant pressure, with the US dollar commanding a notable premium over the official rate. Bureau De Change operators in major cities, including Lagos, Abuja and Kano, reported buying rates around ₦1,480 and selling prices between ₦1,495 and ₦1,510 per USD.
The persistent gap between official and parallel market rates — commonly referred to as the arbitrage margin — is largely driven by strong retail demand for foreign exchange for purposes such as school fees, travel, and small-scale imports, which are often not readily met in the official market.
Economic Outlook
The current exchange-rate trend reflects cautious optimism among investors and businesses, as the Naira has so far avoided the sharp depreciations seen in earlier periods. Nonetheless, inflationary pressures and continued demand on the black market are shaping pricing dynamics outside the official window.
Analysts suggest that sustained and reliable foreign exchange supply through the Nigerian Autonomous Foreign Exchange Market could help narrow the gap between official and parallel rates over time.
In the meantime, businesses and individuals are advised to rely on official sources for accurate and up-to-date exchange rate information.
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