Economy

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, February 26, 2026

ByHafsoh Isiaq

PublishedFebruary 26, 2026

The Nigerian Naira held its ground against the US Dollar on Thursday, February 26, 2026, as the market reacted to the Central Bank of Nigeria’s (CBN) recent decision to enter a “stabilisation phase.”

Following the Monetary Policy Committee (MPC) meeting earlier this week, the currency continues to trade within a consolidated range, supported by a 13-year high in foreign reserves.

Official Market Performance (NFEM)

In the official window, the Naira opened at 1,351.12 per dollar. By mid-morning trading, the rate showed marginal improvement, dipping to 1,347.99 before stabilizing near 1,350.13. This reflects a consistent performance following Wednesday’s closing activities, as the market absorbs the impact of the 50-basis-point cut in the Monetary Policy Rate (MPR).

Market liquidity remains robust, with the CBN continuing its proactive stance in mopping up excess bank liquidity while ensuring a steady supply of dollars for essential imports. The official mean rate for the week has settled near 1,349, signaling a high level of transparency and reduced volatility in the Nigerian Autonomous Foreign Exchange Fixing (NAFEX).

Parallel Market Trends

The parallel market has mirrored the stability seen in the official window, with the dollar exchanging at rates between 1,355 and 1,365 per dollar. The spread between the two markets remains notably narrow, holding at less than 1.5%.

Informal traders in major hubs like Lagos and Abuja report that demand is currently being met by available supply, largely due to the central bank’s policy of allowing Bureau De Change (BDC) operators regular access to foreign exchange. This convergence has significantly reduced the speculative pressures that typically drive the black market rate away from official benchmarks.

Key Drivers and Market Outlook

Several major macroeconomic indicators are influencing the Naira’s trajectory this Thursday:

Interest Rate Shift: The reduction of the MPR to 26.50% signals the apex bank’s confidence in the current disinflationary trend. While a rate cut often weakens a currency, the move has been viewed by investors as a transition toward sustainable growth.

Foreign Reserve Strength: Nigeria’s external reserves have climbed to $50.45 billion, the highest level in 13 years. This provides nearly 10 months of import cover, offering a formidable defense against external shocks.

Sustained Disinflation: Headline inflation eased to 15.10% in January, marking ten consecutive months of decline. This cooling of price growth has bolstered the real value of the Naira, making it more attractive for domestic and foreign holders.

Economic Expansion: With a projected GDP growth rate of 4.68% for 2026, positive sentiment is filtering into the currency markets, encouraging long-term capital inflows.

Financial analysts expect the Naira to maintain its current range between 1,345 and 1,355 for the remainder of the week, as the market looks forward to further signals from the fiscal authorities regarding structural reforms in the energy and agricultural sectors.

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.