The Nigerian Naira sustained its upward trend in the foreign exchange market on Tuesday, April 21, 2026, as early trading reflected continued efforts to close the gap between official and parallel market rates.
At the Nigerian Foreign Exchange Market (NFEM), the currency traded at an average of N1,345.47 per dollar in early sessions, marking a slight appreciation from the previous day’s close.
The Naira briefly strengthened to N1,345.87 before stabilising, supported by steady liquidity and consistent regulatory oversight.
Market observers attribute the relative stability in the official window to the sustained interventions and transparency measures by the Central Bank of Nigeria, which continue to guide price discovery and ensure adequate foreign exchange supply for eligible transactions.
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In the parallel market, activity also remained largely stable. Across key commercial centres such as Lagos, Port Harcourt, and Kano, the dollar traded between N1,390 and N1,405.
Although the informal segment still commands a premium, volatility has eased significantly compared to previous periods.
Analysts say the current performance reflects improved market sentiment, bolstered by stronger external reserves and increased inflows from foreign portfolio investors.
The gradual convergence of exchange rates remains a key objective for monetary authorities, with recent movements indicating progress toward a more unified system.
For businesses and investors, the market’s current stability offers a more predictable environment, even as global dollar strength continues to pose potential pressure.
The naira yesterday 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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