The Nigerian Naira continued its recovery against the United States Dollar in the informal foreign exchange market on Thursday as improved dollar liquidity sustained downward pressure on exchange rates.
As of Thursday, February 5th 2026, the Dollar to Naira exchange rate in the black market stands at ₦1,450 per dollar for buying and ₦1,460 per dollar for selling, according to verified quotations from Bureau De Change (BDC) operators in Lagos, Abuja, Port Harcourt, Kano, and other major FX trading centres.
The latest adjustment marks another modest appreciation for the Naira, following similar gains earlier in the week. Traders attribute the continued improvement to increased participation from exporters and private dollar holders, as well as reduced speculative positioning. The steady decline in the Dollar to Naira rate suggests short-term stabilization in the parallel market.
Dollar to Naira Black Market Rate Overview
| Date |
Market Type |
Buying Rate (₦) |
Selling Rate (₦) |
Movement |
| Thu, Feb 5, 2026 |
Black Market |
1,450 |
1,460 |
−₦5 ▼ |
| Wed, Feb 4, 2026 |
Black Market |
1,455 |
1,465 |
— |
| Official Rate (CBN) |
— |
— |
— |
See https://www.cbn.gov.ng |
Rates compiled from daily market checks and verified 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 ₦1,450 – ₦1,460 range across key commercial cities. Dealers report that most transactions are settling closer to the buying rate, indicating improved supply conditions relative to January levels.
BDC operators say importer demand has moderated compared to last month’s heavy settlement cycle. In addition, exporters converting foreign earnings into naira have increased dollar availability in the market. These developments have supported the strengthening of the Dollar to Naira exchange rate.
For official exchange-rate benchmarks, interbank data, and regulatory updates, the Central Bank of Nigeria remains the authoritative reference:
https://www.cbn.gov.ng
Key Drivers Behind Today’s Dollar to Naira Movement
Several factors are shaping the Dollar to Naira exchange rate in the black market:
🔹 Improved Dollar Liquidity
Exporters and private holders have supplied additional foreign currency, easing tight conditions.
🔹 Reduced Speculative Activity
Lower expectations of immediate depreciation have reduced hoarding behavior.
🔹 Stabilized Import Financing
Early-February procurement cycles are less aggressive than January’s peak demand period.
🔹 Supportive Oil Prices
Stable global crude oil prices continue to support Nigeria’s foreign exchange earnings outlook.
🔹 Strengthened Market Confidence
Consecutive days of appreciation have improved short-term sentiment toward the Naira.
These combined factors explain the continued easing of the Dollar to Naira rate.
Economic Implications
The improved Dollar to Naira exchange rate carries meaningful implications:
Positive Developments
-
Reduced import cost pressure
-
Improved business planning certainty
-
Contained short-term FX volatility
-
Potential moderation of inflationary risks
Ongoing Structural Risks
-
FX levels remain elevated relative to historical averages
-
Liquidity improvements must be sustained
-
External economic shocks could reverse gains
Economists caution that while short-term stability is encouraging, deeper structural reforms are needed to ensure long-term strength in the Dollar to Naira exchange rate.
Market Outlook
Experts expect the Dollar to Naira exchange rate to remain within a relatively narrow range if current liquidity conditions persist.
Projected short-term trading range: ₦1,440 – ₦1,470 per dollar
Market participants will monitor:
Conclusion
The Dollar to Naira black market exchange rate today, Thursday, February 5th 2026, stands at:
-
₦1,450 per dollar for buying
-
₦1,460 per dollar for selling
For reliable daily foreign exchange updates and trusted market insights, Nigerians continue to rely on:
https://investorsking.com
https://www.cbn.gov.ng
As February progresses, the balance between improved supply conditions and steady demand will continue to determine the trajectory of the Dollar to Naira exchange rate in the black market.
