The Nigerian Naira weakened marginally against the US Dollar in early trading on Thursday, April 23, 2026, as pressure from mid-week demand continued to shape movements across both official and parallel foreign exchange markets.
At the Nigerian Foreign Exchange Market (NFEM), the local currency opened softer, with data from the FMDQ Securities Exchange indicating an average rate of 1,351.59 Naira to the dollar. This represents a slight drop compared to earlier in the week, when the currency traded closer to the 1,347 mark.
Activity at the official window remains closely watched by investors, particularly in light of the Central Bank of Nigeria’s managed float approach, which is designed to reduce volatility while ensuring priority sectors maintain access to foreign exchange.
In the parallel market, the Naira continues to trade at a much weaker level, highlighting persistent supply gaps. Reports from Bureau De Change operators in key cities such as Lagos, Abuja, and Kano show the dollar exchanging between 1,465 and 1,480 Naira in early deals.
This places the gap between the official and unofficial markets at about 113 Naira, a disparity analysts link to strong unmet demand from small businesses and individuals seeking foreign currency for travel and other personal needs, often constrained by stricter official processes.
Market analysts point to continued demand for dollars to settle import bills and external debt obligations as a key driver of the Naira’s pressure. Movements in global oil prices—Nigeria’s primary foreign exchange earner—also remain a critical factor influencing reserves and exchange rate direction.
Looking ahead, traders anticipate relative stability as the session progresses, although any intervention by the central bank or shifts in liquidity could still impact the day’s closing rates.
Yesterday, the naira recorded mixed movements across the foreign exchange market on Wednesday, April 22, 2026, as traders monitored activity in both the official and informal segments.
At the NFEM, the currency opened with a slight adjustment against the US Dollar, trading around N1,348.77/$1 in early deals. Market data showed the Naira briefly strengthened to about N1,346.30 before settling within the mid-N1,340 range, reflecting mild intra-day volatility.
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