Dollar To Naira Exchange Rate Today, February 1st, 2026

Dollar To Naira Exchange Rate Today, February 1st, 2026
Black market rates remain higher than official CBN rates
Exchange gap reflects ongoing forex supply challenges

The exchange rate between the United States Dollar and the Nigerian Naira remained mixed on Saturday, February 1st, 2026, as market forces continued to influence pricing across the official and parallel markets.

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EKO HOT BLOG reports that in the black market, also known as the parallel market, the naira traded weaker against the dollar as demand for foreign exchange remained high among importers, travellers, and businesses seeking access outside official channels. Currency traders in major cities confirmed that the dollar continued to attract premium rates amid limited supply.

Below is the exchange rate snapshot for today.

Dollar to Naira (USD to NGN)	Rate
Black Market Selling Rate	₦1460
Black Market Buying Rate	₦1445
CBN Highest Rate	₦1392
CBN Lowest Rate	₦1381

At the official market, the Central Bank of Nigeria recorded lower rates compared to the black market. The difference reflects ongoing pressure on the naira and persistent gaps between official supply and real market demand. Analysts note that while the CBN continues to manage liquidity through policy measures, confidence in official allocations remains limited for many market participants.

Economic observers say the sustained disparity between the two markets is driven by foreign exchange scarcity, inflationary pressure, and strong dollar demand linked to imports and overseas obligations. Until supply improves significantly, the naira is expected to face continued volatility.

Traders and businesses are advised to monitor daily movements closely, as rates may change within hours depending on demand and policy signals. Individuals are also urged to rely on verified sources before making currency exchange decisions.