USD/NGN Exchange Rate Update – February 28, 2026

Findings indicate that traders in the Lagos parallel market continued to quote the greenback within this range, reflecting ongoing fluctuations in the informal segment of the forex market. Analysts note that rates in the black market often differ from official benchmarks due to demand and supply dynamics.

Meanwhile, the Central Bank of Nigeria (CBN) has consistently maintained that it does not recognize the parallel market. The apex bank has advised individuals and businesses seeking foreign exchange transactions to conduct them through authorized financial institutions.

At the official window, data show that the CBN recorded the dollar at a highest rate of ₦1369 and a lowest rate of ₦1345 for the day under review. Market observers, however, caution that exchange rates may vary depending on location and volume of transaction, as forex prices are subject to constant changes.