Dollar to Naira Rate Today, February 24, 2026

The naira started Tuesday on a calm note against the US dollar. One of the most encouraging signs is that the gap between the official exchange rate and the parallel market rate has become much smaller than usual. This points to improving conditions in Nigeria’s foreign exchange market.

The Official Rate Today

At the Nigerian Foreign Exchange Market, the naira opened at around ₦1,344.65 per dollar. This is close to Monday’s closing rate of ₦1,343.81. During the day, the exchange rate traded within a narrow range of ₦1,342.50 to ₦1,346.87, suggesting the market is relatively stable and not under significant pressure.

A key factor behind today’s stability is a policy that allows licensed Bureau De Change operators to access up to $150,000 in foreign exchange every week. This has made dollars more available at the retail level, reduced scarcity, and helped bring the parallel market rate closer to the official rate.

The Parallel Market Today

At the street market, the dollar traded between ₦1,335 and ₦1,345, depending on the location. Interestingly, some parts of the informal market were pricing the naira slightly stronger than the official rate. This is unusual and reflects better price discovery and calmer demand conditions.

Broader Economic Conditions Supporting the Naira

Several economic factors are also working in the naira’s favour. Nigeria’s inflation rate fell to 15.10 per cent in January 2026, which is a positive signal. 

The country’s external reserves stand at around $47.81 billion, giving the Central Bank enough room to support the market if needed. Oil production is also running at about 1.46 million barrels per day, which helps bring more foreign exchange into the country.

Traders and businesses will be watching whether the naira can stay within the ₦1,340 to ₦1,350 range through the rest of the day. 

Attention is also building ahead of the next Monetary Policy Committee meeting, where any decision on interest rates could influence foreign exchange conditions, investor confidence, and overall market sentiment in the days ahead.