“Naira vs Dollar: Calm at ₦1,360… But Black Market Surge Signals Brewing Storm

(Naira and Dollar. Photo Credit: Vanguard News)

As the market opened for trading today, Tuesday, April 28, 2026, the Nigerian Naira remained stable but cautious in relation to the US dollar. Localized variations in liquidity are being seen by financial analysts in both the parallel market segments and the official Nigerian Foreign Exchange Market (NFEM).

Activity in the Official Market (NFEM)

The Naira demonstrated strength in the early trading hours of the official session, trading at about 1,360.19 NGN per USD. As the FMDQ Securities Exchange tracks continuing transactions by institutional buyers and sellers, there has been a trend of small modifications.

Since the market started, the rate has fluctuated somewhat, going from its starting price of 1,359.23 NGN to its present level as supply and demand forces work to reach a daily balance.

The Central Bank of Nigeria continues to monitor the official window closely, ensuring that the transparency of the “willing buyer, willing seller” model supports price discovery while mitigating drastic shocks to the local currency.

Concurrent Market Trends

Due to the immediate retail demand for the US dollar, the unofficial parallel market is still operating at a premium. Currency dealers are putting the dollar between 1,480 and 1,495 NGN in key cities including Lagos, Kano, and Port Harcourt.

Economic watchers continue to focus on the difference between the NFEM and the parallel market since it frequently reveals the degree of unmet demand in the official sectors. The main forces behind the current activity in the informal sector this morning, according to traders in the parallel market, are individual travelers and small-scale imports.

Factors Influencing the Current Rate

A number of important macroeconomic issues are influencing the performance of the market today. Global oil prices continue to be a major factor, supplying the foreign cash reserves required to sustain the Naira. Seasonal demand for overseas payments and the clearing of corporate foreign exchange backlogs also influence internal market liquidity.

Unless there is a major intervention or a change in the mindset of the global market, participants anticipate that the market will stay within the present range as the day goes on. In order to determine the Naira’s final performance for the midweek trading period, stakeholders are urged to monitor the closing rates later today.