Naira Slips Again Amid Rising Dollar Demand and Forex Shortage

(Dollar and Naira.Photo Credit Naira compare)

Early on Thursday, April 23, 2026, the Nigerian Naira showed a minor weakening versus the US dollar on both the official and unofficial foreign currency markets. As midweek demand for the US dollar continues to impact rate stability, financial professionals are closely monitoring the market.

Performance of the Official Market (NFEM)

The Naira began trading on the Nigerian Foreign Exchange Market (NFEM) with a little decline. The Naira is now trading at an average of 1,351.59 NGN per 1 USD, according to real-time data from the FMDQ Securities Exchange.

When compared to the opening prices recorded earlier in the week, when the currency had found support close to the 1,347 NGN level, this indicates a slight fall.

Market turnover at the official window remains a key point of focus for investors, as the Central Bank of Nigeria (CBN) maintains its policy of managed float to curb excessive volatility while ensuring essential sectors have access to foreign currency.

Parallel Market Trends

In comparison to the official rate, the informal or parallel market still trades at a substantial premium. The dollar is being exchanged at prices between 1,465 and 1,480 NGN, according to early morning reports from Bureau De Change (BDC) operators in major hubs like Lagos (Ikeja and Broad Street), Abuja (Wuse Zone 4), and Kano.

Experts explain the present 113 Naira disparity between the NFEM and the parallel market to the unfulfilled demand from small-scale importers and people looking for personal travel allowances (PTA), who frequently find the official channels more restrictive.

Economic Factors and Outlook

The persistent demand for the dollar to meet international trade obligations and pay off foreign debt is a major factor in the current pressure on the naira. Furthermore, the strength of the country’s external reserves is still determined by the recent changes in the price of oil, which is Nigeria’s main source of foreign money.

Participants anticipate that the rate will level off as the trading session moves into the afternoon, but any major intervention from the top bank or changes in market liquidity could affect the day’s closing numbers. It is recommended that market observers keep an eye on official closing data to get a complete picture of the day’s performance.