Naira Exchange Rate Today 17th February 2026: CBN Official Rate vs Black Market Premium

If you need to buy foreign exchange in Nigeria today — whether for school fees abroad, business imports, international travel, or personal remittances — you are in the right place. This page gives you the latest, verified CBN official exchange rates for 17 February 2026 from the Nigerian Foreign Exchange Market (NFEM), a side-by-side comparison with current black market (parallel market/Aboki Fx) rates, and an in-depth breakdown of every factor shaping the Nigerian Naira today.

Today's CBN Official Exchange Rates — 17 February 2026 (NFEM)

The table below shows the Nigerian Foreign Exchange Market (NFEM) rates published by the Central Bank of Nigeria (CBN) for Tuesday, 17 February 2026. These are the official rates at which authorized dealers and banks transact foreign currency in Nigeria.

Currency	Buying Rate (₦)	Central Rate (₦)	Selling Rate (₦)
US Dollar (USD)	1,334.96	1,335.46	1,335.96
Pounds Sterling (GBP)	1,805.40	1,806.07	1,806.75
Euro (EUR)	1,578.05	1,578.64	1,579.24
Swiss Franc (CHF)	1,729.89	1,730.54	1,731.19
WAUA	1,855.55	1,856.25	1,856.94
SDR	1,839.97	1,840.66	1,841.35
Yuan/Renminbi (CNY)	193.21	193.28	193.36
Danish Krona (DKK)	211.22	211.30	211.38
Yen (JPY)	8.70	8.71	8.71
Riyal (SAR)	355.96	356.09	356.23
UAE Dirham (AED)	363.42	363.56	363.69
South African Rand (ZAR)	83.05	83.08	83.11
CFA Franc (XOF)	2.42	2.43	2.44

Source: Central Bank of Nigeria (CBN) NFEM Daily Rate Sheet — 17/02/2026. Rates shown are buying, central, and selling rates in Nigerian Naira (₦). These are the official regulated rates; actual bank transaction rates may include additional charges.

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Key Highlight: The US Dollar is exchanging at an official central rate of ₦1,335.46 today, while the British Pound stands at ₦1,806.07 and the Euro at ₦1,578.64. The Swiss Franc commands ₦1,730.54 — making it one of the most expensive currencies to buy officially in Nigeria today.

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CBN Official Rates vs Black Market Rates — 17 February 2026

One of the most important questions for anyone looking to buy foreign exchange in Nigeria is: what is the difference between the CBN official rate and the black market (parallel market) rate today? Here is the current comparison:

Currency	CBN Official Rate (₦)	Black Market Rate (₦)	Premium/Spread
US Dollar (USD)	1,335.46	1,385 – 1,400	₦50 – ₦65 (~4%)
Pounds Sterling (GBP)	1,806.07	1,870 – 1,920 (est.)	₦64 – ₦114 (~4–6%)
Euro (EUR)	1,578.64	1,630 – 1,670 (est.)	₦51 – ₦91 (~3–6%)

*Black market rates sourced from BDC operators across Lagos, Abuja, Port Harcourt, and Kano as of 17 February 2026 (Aboki Forex / parallel market). Rates vary by location, dealer, and transaction volume. GBP and EUR black market estimates are calculated based on prevailing USD/NGN parallel market premium applied to CBN cross-rates.

The Narrowing Premium: Good News for Forex Buyers

As of February 2026, the spread between the CBN official rate and the black market rate has narrowed considerably compared to early 2025, when premiums exceeded ₦200 per dollar. Today, the parallel market premium on the US Dollar sits at approximately ₦50 to ₦65 — a significant improvement. This is a direct result of CBN's reforms, including the unification of Nigeria's multiple exchange rate windows in 2023 and subsequent liquidity injections into the official market.

However, a meaningful premium still exists, which explains why many individuals and businesses continue to access the parallel market for speed and flexibility — especially for transactions that banks cannot easily process in time.

Should you use the official rate or the black market? For large transactions — business imports, school fees, medical bills abroad — always use a licensed bank or Bureau De Change authorized by the CBN. The official market offers legal protection and better rates. The black market, while faster and more accessible, carries legal risk and rate volatility. For small personal transactions, a reputable BDC operator registered with the CBN remains your safest parallel option.

Factors Affecting Foreign Exchange Rates in Nigeria

Understanding why the Naira moves the way it does helps you make smarter decisions about when to buy foreign currency. Here are the most critical drivers of the Nigerian foreign exchange rate today:

1. Crude Oil Prices and Petroleum Revenue
   Nigeria is heavily dependent on crude oil for its foreign exchange earnings. When international oil prices are high, Nigeria earns more USD from oil exports, which increases dollar supply in the official market and typically strengthens the Naira. Conversely, falling oil prices reduce dollar inflows and put downward pressure on the Naira. As of February 2026, relatively stable crude oil prices are supporting Nigeria's external reserves and limiting naira depreciation.
2. CBN Monetary Policy and Interest Rates
   The Central Bank of Nigeria's Monetary Policy Rate (MPR) directly influences foreign exchange dynamics. Higher interest rates attract foreign portfolio investors seeking better returns on Nigerian bonds and Treasury Bills — increasing dollar supply. The CBN also conducts periodic interventions in the forex market by selling dollars to authorized dealers to smooth out volatility. Recent CBN policy direction in 2025–2026 has focused on market-determined exchange rates rather than rigid pegging, which has helped narrow the official-to-black-market spread.
3. Diaspora Remittances
   Nigeria is Africa's largest recipient of diaspora remittances, with Nigerians in the UK, USA, Canada, and Europe sending billions of dollars home annually. These inflows are a crucial source of foreign exchange supply. Periods of increased remittances — such as festive seasons and school term commencements — often correlate with a stronger Naira in the parallel market, as more dollars enter the informal network.
4. Import Demand and Trade Balance
   Nigeria imports a vast range of goods — from petroleum products and machinery to food items and consumer electronics. This creates constant demand for foreign exchange, particularly US Dollars. When import demand surges (such as during pre-election periods or supply shortages), dollar demand rises and the Naira faces pressure. Nigeria's persistent trade deficit means demand for FX structurally exceeds organic supply, which explains the long-term weakness of the Naira against major currencies.
5. Inflation and Purchasing Power
   Nigeria's domestic inflation rate has remained elevated in recent years, eroding the Naira's real purchasing power. High inflation reduces confidence in the local currency and drives individuals and businesses to hold dollars as a store of value — a Behavior known as Dollarization. This speculative demand further pressures the exchange rate. As inflation moderates, demand-side pressure on FX tends to ease.
6. External Reserves and Foreign Debt
   Nigeria's gross external reserves determine how much capacity the CBN has to defend the Naira. Healthy reserves allow the CBN to intervene in the market by selling dollars and cooling exchange rate volatility. Foreign debt repayments (in USD) reduce reserve buffers and can weaken the Naira if not offset by inflows. As of early 2026, Nigeria's external reserves have shown improvement, contributing to relative stability in the exchange rate.
7. Political Events and Policy Uncertainty
   Elections, policy announcements, regulatory changes, and political instability all impact investor confidence and, by extension, the Naira. Periods of political uncertainty typically trigger capital flight as investors move funds out of Nigeria, reducing dollar supply. Conversely, positive policy reforms — such as the subsidy removal and exchange rate unification announced in 2023 — can attract FX inflows and support the Naira in the medium term.
8. Speculation and Parallel Market Dynamics
   The black market does not operate in a vacuum. Speculative trading by BDC operators, informal forex dealers, and even corporate treasury desks contributes to parallel market rate movements. When Nigerians anticipate further Naira weakness, they rush to buy dollars today — creating a self-fulfilling cycle of demand and depreciation. CBN communication and transparency are therefore important tools in managing these expectations.

Recent Trends in Nigeria's Foreign Exchange Rate

The Nigerian Naira has had a turbulent journey over the past few years. Here is a brief timeline of key FX milestones to give context to today's rates:

2021–2022: The CBN maintained an artificially pegged rate of approximately ₦415–₦460 per dollar in the official market, while the black market traded well above ₦700 per dollar. Multiple exchange rate windows created distortions and discouraged foreign investment.

2023 (June): President Tinubu's administration announced the unification of Nigeria's exchange rate windows and removal of petrol subsidy. The official rate immediately adjusted from ₦460 to over ₦750 per dollar, before settling above ₦900. The black market premium began to narrow as the policy signaled a move towards market-determined rates.

2024: The Naira continued its depreciation trajectory, with the official rate crossing ₦1,500 at various points amid ongoing inflation, dollar scarcity, and high import demand. The CBN raised interest rates aggressively to combat inflation and support the currency. The parallel market premium fluctuated between ₦50 and ₦200 above the official rate.

Late 2025 – Early 2026: The Naira showed signs of stabilization. Improved oil revenues, rising external reserves, and growing diaspora remittances have contributed to the Naira's relative steadiness. The official USD/NGN rate has been trading around ₦1,335–₦1,360 in early 2026, with the black market trending from ₦1,490 in late January down to ₦1,370–₦1,400 by mid-February 2026 — indicating a genuine narrowing of the premium.

February 17, 2026 (Today): The CBN's central NFEM rate sits at ₦1,335.46 per dollar. The Naira has gained ground in the parallel market over the past two weeks, with BDC rates dropping from ₦1,450–₦1,460 on February 9th to ₦1,370–₦1,400 today — a noteworthy appreciation of approximately 4–5% in the informal market within days.

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Trend to Watch: The parallel market has been on a strengthening trend for the Naira through February 2026 — down from ₦1,490 in late January to ₦1,370–₦1,400 today. If CBN FX supply and oil revenues remain stable, analysts project the near-term trading range to hold between ₦1,335 (official) and ₦1,400 (parallel market).

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How Foreign Exchange Rates Affect Nigeria's Economy and Inflation

Exchange Rates and the Cost of Living

Because Nigeria imports a significant portion of its consumer goods — including food inputs, fuel, pharmaceuticals, and manufactured products — the Naira's value directly determines what Nigerians pay for everyday items. A weaker Naira makes imports more expensive in local currency terms, which feeds directly into headline inflation. The double-digit inflation rates Nigeria recorded in 2023–2024 were partly attributable to the sharp Naira depreciation that followed the exchange rate unification.

Impact on Businesses

For Nigerian businesses that rely on imported raw materials, machinery, or capital goods, a weaker Naira translates directly into higher production costs. These costs are typically passed on to consumers, fueling inflation. Manufacturers, retailers, and service providers in import-dependent sectors all feel the pinch when the Naira weakens. Conversely, a stable or strengthening Naira reduces input costs and improves margins — which is why the February 2026 appreciation trend is encouraging for businesses.

Impact on Importers and Exporters

Importers are adversely affected by a weak Naira because they need more Naira to purchase the same amount of foreign currency. Nigerian exporters, on the other hand, benefit — as they earn foreign currency that translates into more Naira when repatriated. This dynamic incentivizes non-oil export diversification, which the CBN and federal government have been encouraging through various export promotion schemes.

Impact on Individuals Sending or Receiving Money

For the Nigerian diaspora sending remittances home, a weaker Naira means their remittances are worth more to recipients in Nigeria — providing a greater financial safety net. However, for Nigerians paying school fees, hospital bills, or travel expenses abroad, a weaker Naira is costly, as more Naira is required to meet foreign currency obligations. Today's rates — ₦1,806 per Pound and ₦1,578 per Euro — illustrate how expensive international transactions have become for the average Nigerian.

Impact on Government Revenue and Debt

Nigeria's federal government earns oil revenues in US Dollars, which means a weaker Naira paradoxically increases the Naira value of government receipts — providing short-term budget relief. However, foreign debt repayments become more expensive in Naira terms as the currency weakens, increasing the debt service burden. This tension between revenue gains and debt costs is a central challenge of Nigeria's FX management.

Where to Buy Foreign Exchange in Nigeria: A Practical Guide

Now that you have the full picture on today's rates and what moves them, here is how to actually access foreign exchange in Nigeria safely and at the best rates:

1. Authorized Dealer Banks
   All licensed commercial banks in Nigeria are CBN-authorized dealers. You can purchase foreign currency at rates close to the official NFEM rate for eligible transactions. This is the safest route for large purchases — school fees (Form A), medical expenses, Personal Travel Allowance (PTA), and business payments. Bring your BVN, valid ID, and relevant supporting documents.
2. CBN-Licensed Bureau De Change (BDC) Operators
   Licensed BDCs provide foreign exchange at competitive rates, often closer to the parallel market but within regulated limits. The CBN periodically allows BDCs to access FX at official rates for onward sale to retail customers. Always verify a BDC's CBN license before transacting. BDCs are ideal for smaller amounts for travel (PTA) and personal needs.
3. Online Forex Platforms and Fintech Apps
   Several regulated Nigerian fintech platforms now offer competitive forex services — enabling transfers, bill payments, and currency conversion at rates that compare favorably with traditional banks. Look for platforms licensed by the CBN and regulated by the SEC. Always compare rates across platforms before committing.
4. International Money Transfer Operators (IMTOs)
   For receiving forex remittances from abroad, IMTOs such as Western Union, MoneyGram, and several dedicated remittance platforms offer competitive rates. The CBN's Naira-4-Dollar scheme has incentivized inbound remittances, making IMTOs a popular and rewarding channel for diaspora senders.

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Buying Tips: Comparing rates before you buy foreign currency can save you tens of thousands of Naira on a single transaction. Always check the current CBN NFEM rate as your benchmark, and compare at least 2–3 licensed BDC or bank offers before proceeding with any transaction above ₦500,000 equivalent.

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Frequently Asked Questions (FAQ)

What is the dollar to naira exchange rate today (17 February 2026)?
The official CBN NFEM rate for the US Dollar today is ₦1,334.96 buying, ₦1,335.46 central, and ₦1,335.96 selling. In the black market (parallel market), the Dollar is trading between ₦1,370 and ₦1,400 per dollar depending on location and dealer.

What is the pound to naira rate today?
The CBN official rate for Pounds Sterling today is ₦1,806.07 (central rate). The parallel market equivalent is estimated at approximately ₦1,870–₦1,920.

What is the euro to naira rate today?
The official CBN NFEM central rate for the Euro today is ₦1,578.64. The black market equivalent is estimated at approximately ₦1,630–₦1,670.

Is the Naira getting stronger or weaker in 2026?
The Naira has shown relative stability and modest strengthening in early 2026 compared to late 2025. The parallel market dollar rate has declined from approximately ₦1,490 in late January 2026 to ₦1,370–₦1,400 in mid-February 2026 — a positive trend driven by improved dollar supply, rising reserves, and stable oil prices. However, underlying structural vulnerabilities mean sustained appreciation is not guaranteed.

What is the difference between the CBN official rate and the black market rate?
As of 17 February 2026, the difference (premium) between the official CBN rate and the black market rate for the US Dollar is approximately ₦50 to ₦65 — representing a premium of around 4%. This is significantly lower than the ₦200+ premiums seen in 2024, indicating improving forex market efficiency in Nigeria.

Can I buy forex at the CBN official rate?
Individual customers can access CBN official rates through authorized dealer banks for eligible transactions — including PTA (Personal Travel Allowance), BTA (Business Travel Allowance), school fees, and medical expenses. Companies can access official rates for approved import transactions. You cannot directly buy from the CBN as an individual; you must go through a licensed bank or BDC.

 What Today's Rates Mean for You

The Nigerian foreign exchange market on 17 February 2026 reflects a currency under stabilizing conditions — the official dollar rate holds at ₦1,335.46 while the parallel market has tightened to ₦1,370–₦1,400, the narrowest premium in months. The trend suggests that CBN's market-oriented reforms, combined with stable oil revenues and growing diaspora remittances, are producing tangible results.

For anyone looking to buy foreign currency today — whether for business, education, travel, or personal transfers — the message is clear: access the official market wherever possible, use licensed BDCs for smaller amounts, and keep a close eye on daily rate movements. The window of relatively narrow spreads may not last forever.

Check back tomorrow for updated NFEM rates and parallel market comparisons. And if you found this guide useful, share it with anyone planning an international transaction — it could save them a significant amount of money.

DISCLAIMER
This article is published for informational and educational purposes only. Exchange rates fluctuate continuously; always verify the latest rates directly with your bank, licensed BDC operator, or the CBN website (www.cbn.gov.ng) before making any financial transaction. Black market rates cited are sourced from publicly available parallel market trackers and may vary by location, time, and transaction volume. The authors and publishers of this content are not registered financial advisors. Trading or transacting in the parallel market may carry legal risk under Nigerian law. Always use CBN-licensed channels for foreign exchange transactions.