Dollar To Naira Exchange Rate Update For February 23, 2026

According to financial market sources, individuals seeking to exchange United States dollars for naira in the informal market were able to do so at the prevailing rates, although figures may vary slightly depending on location and volume of transaction.

Meanwhile, the Central Bank of Nigeria (CBN) continues to distance itself from parallel market dealings, maintaining that it does not recognize the black market. The apex bank has consistently advised individuals and businesses in need of foreign exchange to approach authorized financial institutions for their transactions.

At the official window, the CBN recorded the dollar trading within a band of ₦1,343 as the lowest rate and ₦1,349 as the highest rate for the day. Analysts note that discrepancies between the official and parallel market rates persist, reflecting ongoing dynamics in Nigeria’s foreign exchange market.

Market observers also caution that forex rates are subject to fluctuations and may differ from quoted figures depending on demand, supply, and negotiation margins.