The Nigerian Naira extended its gains against the United States Dollar in the informal foreign exchange market on Wednesday as improved dollar liquidity continued to ease pressure across major trading centres.
As of Wednesday, February 4th 2026, the Dollar to Naira exchange rate in the black market stands at ₦1,455 per dollar for buying and ₦1,465 per dollar for selling, according to verified quotations from Bureau De Change (BDC) operators in Lagos, Abuja, Port Harcourt, Kano, and other major FX hubs.
The latest adjustment reflects sustained improvement in supply conditions following increased participation from exporters and private dollar holders. After trading near ₦1,490 levels in late January, the Dollar to Naira exchange rate has now declined steadily for two consecutive sessions, signalling short-term stabilization.
Dollar to Naira Black Market Rate Overview
| Date |
Market Type |
Buying Rate (₦) |
Selling Rate (₦) |
Movement |
| Wed, Feb 4, 2026 |
Black Market |
1,455 |
1,465 |
−₦5 ▼ |
| Tue, Feb 3, 2026 |
Black Market |
1,460 |
1,470 |
— |
| Official Rate (CBN) |
— |
— |
— |
See https://www.cbn.gov.ng |
Rates compiled from daily market surveys and validated using 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 ₦1,455 – ₦1,465 range across key commercial cities. Dealers report that most transactions are settling toward the lower end of the band, reflecting improved availability of dollars.
BDC operators say importer demand remains steady but less aggressive compared to January’s peak settlement cycle. The improved supply environment has allowed the Naira to strengthen modestly, reducing immediate depreciation concerns around the Dollar to Naira exchange rate.
For official exchange-rate benchmarks, interbank rates, and regulatory updates, the Central Bank of Nigeria remains the authoritative reference:
https://www.cbn.gov.ng
Key Drivers Behind the Dollar to Naira Movement
Several factors are shaping today’s movement in the Dollar to Naira black market exchange rate:
🔹 Increased Exporter Participation
Non-oil exporters and private holders are supplying additional foreign currency into the market.
🔹 Reduced Speculative Activity
Lower expectations of short-term depreciation have reduced dollar hoarding.
🔹 Stabilised Import Financing
Early-February procurement cycles appear more measured compared to January’s heavy settlement period.
🔹 Supportive Oil Market
Stable global crude oil prices continue to support Nigeria’s foreign exchange earnings outlook.
🔹 Improved Market Confidence
Successive days of appreciation have strengthened short-term sentiment around the Naira.
These combined dynamics explain the continued strengthening of the Dollar to Naira exchange rate.
Economic Implications
The improved Dollar to Naira rate carries several implications for businesses and households:
Positive Developments
-
Lower short-term import cost pressure
-
Improved planning certainty for businesses
-
Reduced FX market volatility
-
Potential easing of inflationary risks
Ongoing Structural Concerns
-
FX levels remain elevated compared to long-term averages
-
Supply improvements depend on sustained inflows
-
External shocks could quickly reverse gains
Economists note that consistent liquidity inflows will be necessary to maintain stability in the Dollar to Naira exchange rate.
Market Outlook
Experts expect the Dollar to Naira exchange rate to trade within a narrow band if current liquidity trends continue.
Projected short-term trading range: ₦1,445 – ₦1,475 per dollar
Market participants will closely monitor:
Conclusion
The Dollar to Naira black market exchange rate today, Wednesday, February 4th 2026, stands at:
-
₦1,455 per dollar for buying
-
₦1,465 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 progresses, the balance between improved supply and steady demand will determine the trajectory of the Dollar to Naira exchange rate in the black market.
