Dollar Crashes as Black Market Traders Release New Exchange

The US dollar has fallen sharply by N50 in the parallel market, also known as the black market, with traders quoting new buying and selling rates.

The fall of the dollar comes as the naira exchanges at one of its highest levels in recent months in the official markets.

Naira appreciates against dollar in black market

Legit.ng spoke to traders on Monday, February 3, in the parallel market, and they confirmed that the dollar has depreciated by N50 since the start of 2026.

Abudullahi, one of the traders, said: “Today, Tuesday, February 3, I bought the dollar at N1,450 and sold it at N1,470. The euro and British pound also saw minor adjustments, with the euro trading at a buying rate of N1,705 and a selling rate of N1,745.

“For the British pound sterling, the selling rate is N1,985, while the buying rate is N2,015.”

The new rate quote is a massive fall when compared to the rates on January 5, 2026.

At the start of the year, Legit.ng understands that the dollar exchanged for N1,485 to buy and N1,500 to sell, while the euro traded at N1,710 to buy and N1,735 to sell, as well as the British pound at N1,985 to buy and N2,015 to sell.

Naira’s performance in the official market

It is a different story for the naira in the official market as stronger demand for forex affected currency movement.

The naira weakened against the US dollar in the Nigerian Foreign Exchange Market (NAFEM) on Monday, February 2, falling by N3.81 or 0.27% to N1,390.36/$1 from N1,386.55/$1 recorded last Friday, BusinessDay reports.