Naira to Dollar official & black market rates today, Tuesday, February 24, 2026

The Nigerian Naira held steady against the US Dollar in early trading on Tuesday, February 24, 2026, opening at 1,344.65 per dollar, as fresh data pointed to continued support from the Central Bank.

Figures from the Nigerian Foreign Exchange Market (NFEM) show the local currency moving within a narrow band, helped by a reduced gap between official and parallel market rates.

Official Market Holds Firm

At the official window, the Naira opened at 1,344.65 per dollar, slightly above Monday’s closing rate of 1,343.81.

During the session, it traded between a high of 1,342.50 and a low of 1,346.87, reflecting modest fluctuations.

Liquidity remains central to the currency’s stability.

Recent guidelines from the Central Bank of Nigeria (CBN) allow licensed Bureau De Change operators to purchase up to 150,000 dollars weekly.

The move has widened access to foreign exchange and reduced pressure that once pushed rates sharply higher in the official market.

Parallel Market Shows Convergence

Activity in the parallel market also points to growing alignment.

Across major trading hubs, the dollar exchanged between 1,335 and 1,345 per dollar.

In some areas, the Naira even traded slightly stronger than the official rate, an uncommon development.

Market watchers link this to improved price discovery and a drop in excess retail demand.

Currency traders in Lagos and Abuja say the era of widespread “panic buying” appears to have eased.

The closer alignment between both markets suggests that efforts to harmonise rates are beginning to yield results.

Key Economic Support Factors

Several macroeconomic trends are reinforcing the Naira’s position.

Headline inflation slowed for the tenth straight month, falling to 15.10 per cent in January 2026.

Lower food and energy prices have reduced domestic pressure on the exchange rate.

Nigeria’s external reserves have also climbed to about 47.81 billion dollars, strengthening the central bank’s capacity to manage volatility.

At the same time, crude oil production has risen to 1.46 million barrels per day, boosting foreign exchange inflows and supporting the balance of payments.

Analysts expect the Naira to trade within the 1,340 to 1,350 range as the session progresses.

Attention is now shifting to the upcoming Monetary Policy Committee meeting, where investors hope for clearer signals on interest rate direction.