Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today February 10, 2026

The Nigerian Naira displayed continued strength in the early hours of Tuesday, February 10, 2026, as it gained additional ground against the United States Dollar. The local currency’s upward trajectory in the official market reflects growing liquidity and the effectiveness of current price-matching systems implemented by the Central Bank.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the trading session at 1,361.97 per dollar. As the morning progressed, the currency saw a steady appreciation, with the rate dropping to 1,356.10 by mid-morning. The most recent data indicates the dollar is currently exchanging for 1,355.73 per Naira.

This represents a notable improvement from Monday’s opening rates and suggests that the Naira is successfully testing new support levels below 1,360. Financial experts point to the Central Bank of Nigeria’s (CBN) consistent policy of facilitating transparent bid-ask spreads via the Electronic Foreign Exchange Matching System (EFEMS) as a key driver. Additionally, the maintenance of the Monetary Policy Rate (MPR) at 27.00% has continued to attract portfolio inflows, providing the necessary support to keep the Naira resilient against the greenback.

Parallel Market Performance

The parallel market, or informal window, has mirrored the gains seen in the official sector, though it remains at a slight premium. In major hubs such as Lagos, Abuja, and Port Harcourt, Bureau De Change operators are quoting the dollar between 1,435 and 1,450.

The gap between the official and parallel rates has narrowed significantly over the past week, a sign that the “black market” is losing its speculative appeal. Traders in Lagos report that supply is meeting the current demand for retail transactions and personal travel allowances. The absence of panic buying, which often occurs at the start of the month, suggests that market participants have confidence in the current stability of the Naira.

Summary of Trading Rates

NFEM (Official) Opening: 1,361.97

NFEM (Official) Current: 1,355.73

Parallel Market Range: 1,435 – 1,450

As the trading day continues, analysts are watching to see if the Naira can hold its position near the 1,355 mark. The current outlook for the remainder of the week remains bullish, with the local currency expected to maintain its dominance as long as external reserves remain robust and corporate demand is efficiently channeled through the official window.

Hafsoh Isiaq

Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.

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