Naira records strong gain against dollar at black market
The Nigerian currency, the naira, improved sharply against the United States dollar at the parallel (black) market on Thursday.
A Bureau De Change operator, Abubakar Hassan, told newsmen that the naira exchanged at N1,317 per dollar on Thursday.
This is stronger than the N1,350 per dollar rate recorded on Wednesday. This means the naira gained N33 in just one day at the black market.
Hassan described the development as one of the naira’s best performances in recent months at the parallel market.
He said the improvement may be linked to lower demand for dollars and recent actions taken by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market.
According to him, fewer people are buying dollars at the moment, which has reduced pressure on the local currency. He also noted that interventions by the apex bank appear to be supporting the naira’s recovery in the informal market.
However, the situation was different at the official foreign exchange window. At the official market, the naira weakened for the second straight day.
It fell by N3.25 on Thursday to close at N1,341.35 per dollar, compared to N1,338.12 on Wednesday. In two days, the currency has lost a total of N5.38 at the official market.
This shows that while the naira is gaining strength at the black market, it is still facing pressure at the official window.
Meanwhile, Nigeria’s external reserves stood at 48.50 billion dollars as of February 17, 2026, according to figures released by the Central Bank. External reserves are important because they help the country defend its currency and meet international payment obligations.
The latest movement in exchange rates follows Wednesday’s trading session, when the naira recorded mixed performances at both the official and parallel markets. Analysts say the coming days will show whether the recent gain at the black market can be sustained.
