Nigeria’s foreign exchange market recorded another noticeable gap between official rates and parallel market prices as fresh dollar-to-naira figures emerged for February 7, 2026.
Currency traders in the informal market continued adjusting rates amid fluctuating demand for foreign exchange across major commercial cities.
Latest Black Market Dollar To Naira Rate
In the Lagos parallel market, popularly known as the black market or Aboki FX, the United States dollar traded at higher levels against the naira on Friday.
According to traders operating within the city, the dollar was being sold at approximately ₦1450, while buyers reportedly exchanged the currency at around ₦1435 per dollar.
The figures reflected ongoing pressure on the naira despite efforts to stabilise the country’s foreign exchange system.
Official CBN Exchange Window Shows Lower Rates
While the parallel market recorded significantly higher prices, rates within the official window of the Central Bank of Nigeria (CBN) remained lower.
According to available figures:
- Highest official exchange rate: ₦1373 per dollar
- Lowest official exchange rate: ₦1361 per dollar
The continued difference between official and black market rates remains one of the most discussed issues within Nigeria’s financial space.
Why Nigerians Still Monitor Parallel Market Rates
Despite repeated warnings from the CBN, many Nigerians continue relying on black market exchange rates for daily transactions and business planning.
Gossip News Now reports that exchange rates in the parallel market often change several times within a single day depending on demand, cash availability, and market speculation.
For many small businesses, importers, and travellers, the black market remains an accessible option when sourcing foreign currency quickly.
CBN Maintains Position Against Black Market Transactions
The Central Bank of Nigeria has consistently maintained that it does not recognise or approve foreign exchange dealings conducted outside authorised financial institutions.
The apex bank has repeatedly encouraged Nigerians seeking forex services to use commercial banks and other approved channels instead of patronising street traders.
Financial experts, however, believe the persistent gap between official and informal rates continues pushing many individuals toward alternative exchange markets.
Foreign Exchange Volatility Continues
The naira has experienced repeated fluctuations in recent months as economic pressures, forex demand, and supply challenges continue affecting the Nigerian currency market.
Analysts say exchange rate instability remains a major concern for businesses dependent on imported goods and international transactions.
The widening spread between official and unofficial market values has also intensified conversations about long-term reforms within Nigeria’s forex system.
Current Exchange Rate Snapshot
Parallel Market (Black Market)
- Buying Rate: ₦1435 per dollar
- Selling Rate: ₦1450 per dollar
CBN Official Window
- Lowest Rate: ₦1361 per dollar
- Highest Rate: ₦1373 per dollar
Experts note that actual exchange prices may still vary slightly depending on location, transaction volume, and market conditions at the time of trading.
Commentary And Analysis
The latest movement in the dollar-to-naira exchange rate highlights the continuing pressure facing Nigeria’s foreign exchange market.
As inflation, import dependency, and forex scarcity persist, many Nigerians are increasingly monitoring both official and black market rates to make financial decisions.
The situation also reflects the broader economic challenge of narrowing the gap between formal banking channels and parallel market activity in the country.
