Economy

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, February 27, 2026

ByHafsoh Isiaq

PublishedFebruary 27, 2026

The Nigerian Naira maintained a firm standing against the US Dollar on Friday, February 27, 2026, closing the trading week on a positive note.

Real-time data from the Nigerian Foreign Exchange Market (NFEM) and various parallel market channels show the currency holding steady, bolstered by a significant surge in the country’s external buffers and a recent strategic shift in monetary policy.

Official Market Performance (NFEM)

In the official NFEM window, the Naira opened at 1,355.25 per dollar. Market activity remained relatively calm throughout the morning session, with the rate appreciating slightly to 1,353.97 by 2:30 AM WAT. This stability follows a mid-week mean rate of approximately 1,356.97, indicating that the local currency is successfully resisting further depreciation despite global market pressures.

The current trading band is a direct result of improved liquidity within the banking system. Authorized dealers report a consistent flow of foreign exchange, which has allowed the market to absorb demand for dividends and import financing without the drastic price spikes seen in previous years.

Parallel Market Trends

The parallel market continues to show a remarkable level of convergence with the official window. In informal trading hubs across Lagos, Abuja, and Kano, the dollar is being exchanged at rates between 1,358 and 1,368 per dollar.

The spread between the two markets has remained consistently narrow, often staying within a 1% to 1.5% margin. Financial analysts attribute this to the Central Bank of Nigeria’s (CBN) successful integration of Bureau De Change (BDC) operators into the formal supply chain, which has effectively marginalized speculative “black market” activities and anchored retail expectations.

Key Economic Drivers

The Naira’s performance this Friday is underpinned by several major macroeconomic developments:

Foreign Reserves Milestone: The CBN recently announced that Nigeria’s external reserves have climbed to a 13-year high of 50.45 billion dollars. This provides nearly 10 months of import cover, giving the apex bank substantial room to defend the currency.

Monetary Policy Cut: In a move that signaled growing confidence, the Monetary Policy Committee (MPC) reduced the benchmark interest rate by 50 basis points to 26.5% earlier this week. The decision was supported by a drop in headline inflation to 15.10% for January 2026.

Oil and Refining Impact: Increased domestic refining capacity, led by the expansion of the Dangote Refinery to 700,000 barrels per day, has significantly reduced the demand for foreign exchange to fund fuel imports.

Favorable Oil Production: Improved security in the Niger Delta has kept crude oil production steady at 1.46 million barrels per day, ensuring a consistent stream of petrodollars into the national coffers.

As the market enters the weekend, the outlook for the Naira remains cautiously optimistic. Stakeholders are keeping a close eye on the 1,350 support level, with many expecting the currency to maintain its current trajectory provided global oil prices remain above 75 dollars per barrel.

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.