Dollar Rises in Black Market on Monday, Traders Quote New Exchange Rate
- The selling and buying rate of the United States dollar at the black market has increased on Monday
- Traders, who spoke to Legit.ng, confirmed the rate for the dollar, British pound and the euro
- Reports indicate that BDC operators continue to face challenges in purchasing dollars from commercial banks
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The United States dollar at the parallel market increased in value on Monday, February 23, with traders quoting at N1,375/$ as the new selling exchange rate.
The new rate is a slight depreciation for the naira when compared to N1,343 per dollar market closed on Friday, February 20, 2026.
Source: Getty Images
Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renewed demand in the market.
"I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.
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"It seems this week the dollar will return to over N1,400. I have been getting a lot of request."
The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.
BDCs can get dollar
The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.
Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.
Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.
A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.
He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.
The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.
He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.
Source: Getty Images
Naira in the official market
Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20, at N1,346.32/$1 from N1,341.35/$1 a day earlier.
At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.
Dangote predicts exchange rate of N1,100 in 2026
Earlier, Legit.ng reported that the chairman of the Dangote Group, Aliko Dangote, predicted a strengthening of the Nigerian naira, saying the currency could reach N1,100 to $1 this year.
He also called for incentives and improved infrastructure, particularly power, to protect local investors and drive industrial growth.
Dangote made the comments on Tuesday, February 17.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
