Dollar to Naira Exchange Rate Today February 5 2026 

The dollar was reported at approximately ₦1,371.40 in the official market, with an opening rate of ₦1,368.56. In the parallel market, the dollar was quoted around ₦1,450 to ₦1,465.

Many Nigerians see the official rate onlin,e but they feel the parallel market rate in real life. The key issue is the gap between the two rates. 

That gap shows how easy or how hard it is for people and businesses to get dollars when they need them.

Dollar to Naira exchange rate today February 5 2026 what the numbers really mean

The official rate is the rate used in formal transactions. The parallel market rate is what many people use when they cannot get dollars through the official market fast enough or at all.

When the parallel market rate is much higher than the official rate it often means dollar supply is not meeting real demand. It also means many businesses will not price their goods using the official rate because they are not sure they can replace stock at that rate.

Why the gap matters more than the headline rate

A wide gap affects prices because businesses plan for the worst. If a trader sells goods today and needs to restock next week they may not get dollars at the official rate. So they price goods closer to the parallel market rate to protect themselves.

This gap can lead to three common results.

1. Importers struggle to find dollars reliably so their costs rise.
2. Businesses add extra cost to cover risk and uncertainty.
3. Consumers pay more for goods and services that depend on imported items or dollar payments.