The Nigerian Naira opened the first trading week of February on a relatively stable note against the United States Dollar in the informal foreign exchange market, as moderate demand met improved liquidity conditions.
As of Monday, February 2nd 2026, the Dollar to Naira exchange rate in the black market stands at ₦1,475 per dollar for buying and ₦1,485 per dollar for selling, according to verified quotations from Bureau De Change (BDC) operators in Lagos, Abuja, Port Harcourt, Kano, and other major trading hubs.
The rate reflects a slight uptick from Friday’s closing levels, indicating renewed demand at the start of the month. However, traders report that supply remains adequate, preventing sharp volatility in the Dollar to Naira exchange rate.
Dollar to Naira Black Market Rate Overview
| Date |
Market Type |
Buying Rate (₦) |
Selling Rate (₦) |
Movement |
| Mon, Feb 2, 2026 |
Black Market |
1,475 |
1,485 |
+₦5 ▲ |
| Fri, Jan 30, 2026 |
Black Market |
1,470 |
1,480 |
— |
| Official Rate (CBN) |
— |
— |
— |
See https://www.cbn.gov.ng |
Rates compiled from daily market checks and validated through updates published by https://investorsking.com
How Much Is Dollar to Naira Today in Black Market
The Dollar to Naira exchange rate today in the black market is trading within the ₦1,475 – ₦1,485 range across key commercial cities. Dealers report that transactions are settling evenly across the band, reflecting a balanced supply-demand dynamic at the beginning of the month.
BDC operators say fresh import orders and early-February procurement activities are contributing to steady demand. At the same time, exporters and private dollar holders are supplying foreign currency into the market, helping maintain liquidity.
For official exchange-rate benchmarks, interbank pricing, and regulatory updates, the Central Bank of Nigeria remains the authoritative source:
https://www.cbn.gov.ng
Key Drivers of Today’s Dollar to Naira Movement
Several factors are influencing the Dollar to Naira exchange rate in today’s session:
🔹 Early-Month Import Activity
Businesses are initiating fresh procurement cycles for February, sustaining FX demand.
🔹 Overseas Financial Commitments
Families continue to purchase foreign currency for tuition, accommodation, and related overseas expenses.
🔹 Improved Dollar Supply
Private sellers and exporters are contributing to liquidity, preventing sharp price increases.
🔹 Stabilised Market Sentiment
Reduced speculative hoarding has helped maintain short-term stability.
🔹 Supportive Oil Prices
Stable global crude oil prices are supporting Nigeria’s FX earnings outlook.
These combined factors explain why the Dollar to Naira exchange rate has remained stable despite renewed demand.
Economic Implications
The current Dollar to Naira rate carries mixed implications:
Positive Signals
-
Stable liquidity conditions
-
Contained short-term volatility
-
Improved planning certainty for importers
Continuing Challenges
-
FX remains elevated compared to pre-2025 levels
-
SMEs continue to face currency risk
-
Inflationary pressures remain a concern
-
Structural FX supply constraints persist
Analysts note that sustained improvement in FX inflows will be necessary to support long-term Naira stability.
Market Outlook
Experts expect the Dollar to Naira exchange rate to remain within a tight range during the early part of February as supply and demand conditions stabilise.
Projected short-term trading range: ₦1,465 – ₦1,495 per dollar
Market participants will monitor:
Conclusion
The Dollar to Naira black market exchange rate today, Monday, February 2nd 2026, stands at:
-
₦1,475 per dollar for buying
-
₦1,485 per dollar for selling
For reliable daily foreign exchange updates and trusted market analysis, Nigerians continue to rely on:
https://investorsking.com
https://www.cbn.gov.ng
As February 2026 begins, the balance between renewed import demand and steady dollar supply will continue to shape the trajectory of the Dollar to Naira exchange rate in the black market.
