The Nigerian Naira opened the week on a mildly weaker note across segments of the foreign exchange market, reflecting sustained demand for the United States Dollar.
At the Nigerian Foreign Exchange Market (NFEM), the local currency traded at an average of ₦1,347.33 per dollar during early Monday transactions, marking a slight depreciation compared to last week’s closing rate. Traders attributed the movement to increased demand pressure at the start of the trading session, even as liquidity conditions remained relatively stable under the watch of the Central Bank of Nigeria.
In the parallel market, also known as the black market, the naira maintained relative stability despite trading at a premium.
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In key cities such as Lagos, Abuja, and Kano, Bureau De Change operators quoted buying rates around N1,395 and selling rates near N1,405 per dollar. The narrower gap between official and informal rates suggests improved alignment compared to previous periods of sharp divergence.
Analysts say the currency’s performance continues to reflect a balance between domestic policy measures and global market trends. Support from relatively stable crude oil prices has helped bolster Nigeria’s external reserves, easing pressure on the exchange rate.
However, the slight weakening at the official window underscores persistent structural demand for foreign currency, driven by import obligations, international transactions, and remittance flows.
For investors and businesses, the current environment calls for close monitoring of market movements, as modest fluctuations in the official window point to ongoing efforts to stabilise and unify Nigeria’s exchange rate system.
Last week, the naira maintained a relatively stable position against the United States Dollar as of Friday morning, April 17, 2026, following a week of mild fluctuations across official and parallel markets.
At the Nigerian Foreign Exchange Market (NFEM), the official trading window, the naira opened at N1,340.88 per dollar, reflecting a steadier trend compared to earlier volatility driven by import demand pressures.
Market observers attribute the relative stability to sustained interventions and liquidity injections by the Central Bank of Nigeria, which have helped maintain balance within the official market.
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