Dollar to Naira Exchange Rate Today

The naira started the first trading week of February on a relatively steady note in the official market, with the U.S. dollar trading around the ₦1,395–₦1,399/$ region in early sessions on Monday, February 2, 2026.

In the official window (NFEM), early trading showed the dollar opening around ₦1,398.86/$ and easing slightly to about ₦1,396.88/$ by mid-morning, after moving between roughly ₦1,394.13/$ (session low) and ₦1,398.86/$ (session high). 

A separate “mid-market” benchmark often used for general reference (not the cash rate you’ll get at banks or BDCs) also placed the pair at about ₦1,396.33/$ early today. 

What about the black market/parallel rate?

Rates in the parallel market continued to trade at a premium to the official window. Across major trading hubs like Lagos, Abuja and Kano, quotes today commonly clustered around ₦1,455/$ (sell) and ₦1,435/$ (buy) on the street, while broader informal quotes were reported in the ₦1,465–₦1,480/$ range depending on location and dealer. 

That means the street market is pricing the dollar at roughly ₦40–₦85 higher per $1 than the official window (depending on which parallel quote you’re using). 

Why the gap still matters

Even when the naira looks “stable,” the market is effectively running two price levels: a regulated official rate (driven by trades and liquidity in the official FX market) and an informal cash rate influenced by retail access, urgency, and local scarcity premiums. The official market’s steadier tone has been linked to ongoing policy actions and market reforms aimed at improving transparency and liquidity. 

Context also matters: after January ended with the naira stronger in the official market (around ₦1,391/$ by end-January) and with reported improvement in reserves, the gap between official and parallel markets narrowed compared with earlier periods—one reason traders have been less aggressive about speculative hoarding than in past cycles.