The Dollar to Naira exchange rate closed at ₦1,355.73 per $1 at Nigeria’s official foreign exchange market on Tuesday, February 10, 2026, according to figures released by the FMDQ Securities Exchange. The data reflects continued pressure on the local currency amid fluctuating demand for foreign exchange.

Data obtained from the FMDQ Securities Exchange, which serves as Nigeria’s official forex trading platform, shows that the naira settled at ₦1,355.73 against the US dollar at the close of trading on Tuesday.

Earlier trading activities at the Investors and Exporters (I&E) window showed that the naira reached a high of ₦1,361.97 per dollar during Monday’s trading session, indicating persistent volatility in the official foreign exchange market.

Meanwhile, in the parallel market—commonly referred to as the black market—the US dollar traded between ₦1,435 and ₦1,450 per dollar on the same day. The figures were gathered from Bureau De Change (BDC) operators and market tracking platforms.

Nigeria operates multiple foreign exchange windows, including the official market managed through authorised financial institutions and the informal parallel market where rates are typically influenced by demand and supply dynamics.

The Central Bank of Nigeria (CBN) has repeatedly stated that it does not recognise transactions conducted in the parallel market. The apex bank continues to encourage individuals and businesses to source foreign exchange through approved banking channels and regulated trading platforms.

The difference between official and parallel market rates, often referred to as the forex gap, has remained a significant challenge in Nigeria’s foreign exchange management system.

Financial analysts have noted that persistent foreign exchange demand, combined with limited dollar supply, continues to influence market volatility. Market watchers also highlight that exchange rate movements often affect import costs, inflation levels, and consumer purchasing power.

Some economic observers believe that sustained reforms in Nigeria’s foreign exchange policy could help narrow the gap between official and parallel market rates.

Exchange rate fluctuations directly affect inflation, fuel prices, and general cost of living in Nigeria. A weaker naira often results in increased import costs, which can translate into higher prices for goods and services.

Nigeria’s currency performance significantly influences trade relations within West Africa and the broader African market. As Africa’s largest economy, changes in the naira’s value often affect regional economic stability and cross-border trade.