Dollar Continues To Collapse As Naira Recuperates, Exchanges At N1,370/$

The Nigerian Naira recorded a sharp appreciation against the United States Dollar in the parallel foreign exchange market on Monday as improved dollar inflows and reduced speculative demand strengthened the local currency.

As of Monday, February 16th 2026, the Dollar to Naira exchange rate in the black market stands at ₦1,390 per dollar for buying and ₦1,400 per dollar for selling, according to Bureau De Change (BDC) operators across Lagos, Abuja, Port Harcourt and other major commercial hubs.

This marks one of the strongest gains recorded by the Naira so far in 2026. Compared to early February levels above ₦1,450, the current Dollar to Naira rate reflects a notable improvement in foreign exchange liquidity and market confidence.

Dollar to Naira Black Market Rate Overview

For official exchange rate benchmarks and policy updates, visit the Central Bank of Nigeria (CBN):
https://www.cbn.gov.ng

How Much Is Dollar to Naira Today in Black Market

For those asking, how much is dollar to naira today in black market, the current rate is:

• Buying Rate: ₦1,390 per dollar

• Selling Rate: ₦1,400 per dollar

Across key cities, transactions are closing within this range depending on location and transaction volume. Dealers report that dollar availability has significantly improved, especially from exporters, remittance inflows and private holders converting foreign earnings.

The narrowing of the spread between buying and selling rates indicates improved liquidity and reduced volatility in the Dollar to Naira exchange rate.

Key Drivers Behind the Dollar to Naira Movement

Several factors are influencing the sharp appreciation in the Dollar to Naira exchange rate:

Increased Dollar Inflows

Export proceeds, diaspora remittances and private sector conversions have boosted market supply.

Reduced Speculative Demand

With the Naira gaining strength, hoarding behaviour has declined significantly.

Lower Import Pressure

Mid-February import demand has moderated compared to January’s heavy settlement cycle.

Positive Oil Market Conditions

Stable crude oil prices continue to support Nigeria’s external reserves outlook.

Improved Market Confidence

Consistent strengthening of the Naira has improved trader sentiment and reduced panic buying.

These factors combined have contributed to the strong performance of the Dollar to Naira exchange rate today.

Economic Implications

The stronger Dollar to Naira rate carries significant implications:

Positive Impact

• Lower cost of imports

• Reduced inflationary pressure

• Improved purchasing power for businesses

• Greater FX stability for planning and contracts

Remaining Risks

• Exchange rate still above historical long-term levels

• Gains depend on continued FX inflows

• External global shocks could reverse progress

Analysts note that while this improvement is encouraging, sustaining the current level will require continued policy support and increased FX earnings.

Short-Term Outlook

Market analysts expect the Dollar to Naira exchange rate to remain relatively stable if supply conditions remain strong.

Projected near-term trading band: ₦1,380 – ₦1,420 per dollar

Key indicators to monitor include:

• Export inflow strength

• Remittance trends

• Oil price movements

• Central Bank FX policy direction

Conclusion

The Dollar to Naira black market exchange rate today, Monday, February 16th 2026, stands at:

• ₦1,390 per dollar for buying

• ₦1,400 per dollar for selling