Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand

Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand

The Nigerian Naira opened trading on Tuesday, April 28, 2026, with cautious stability against the US Dollar, as the official exchange rate and parallel market rate continued to reflect a wide gap amid persistent foreign exchange pressure.

In the Nigerian Foreign Exchange Market (NFEM), the naira traded around ₦1,360 per $1, showing slight intraday movement between ₦1,359 and ₦1,360 during early trading hours. The relatively stable opening suggests controlled liquidity conditions in the official market.

Transactions tracked on the FMDQ Securities Exchange indicated that trading remained within a narrow range as banks and institutional investors adjusted positions based on demand and supply. The market continues to operate under the “willing buyer, willing seller” framework, which guides price discovery in the official FX window.

READ ALSO:

• ‘Pure Fabrication’ — Lagos Govt Rejects Sanwo-Olu Resignation Claims
• ‘It Is Not Islamic’ — Abba Yusuf Reacts to Viral Underwear Display in Kano
• 29 Killed as Terrorists Storm Football Viewing Centre in Adamawa

The Central Bank of Nigeria (CBN) is maintaining oversight of the foreign exchange market, with ongoing efforts aimed at improving dollar liquidity and reducing pressure from unmet demand. Analysts note that recent interventions targeting FX backlog clearance and supply support to key sectors have helped limit extreme volatility.

However, the black market (parallel market) continues to show significantly higher rates due to strong retail demand for dollars. In major cities including Lagos, Kano, and Port Harcourt, the dollar is trading between ₦1,480 and ₦1,495 per $1, depending on transaction size and location.

The widening gap between the official exchange rate and the parallel market rate remains a major concern for economic analysts, as it reflects ongoing shortages of foreign exchange in formal channels.

Market observers say several factors are influencing today’s exchange rate movement, including Nigeria’s oil revenue inflows, which remain the country’s primary source of foreign exchange earnings. Additional pressure is coming from demand for imports, manufacturing inputs, foreign education payments, and medical travel abroad.

The clearance of outstanding FX obligations to airlines and multinational companies is also shaping liquidity conditions in the market. Meanwhile, global market sentiment and investor appetite for emerging market currencies continue to play a role in short-term naira movements.

Despite continued pressure, analysts say the naira has shown relative stability in the official window, suggesting that current policy measures are helping to prevent sharper depreciation.

Market expectations for the rest of the trading week indicate that the naira may remain within a similar range unless there is a major shift in FX inflows or new intervention from the Central Bank of Nigeria. Attention remains on closing rates later in the day to determine the overall direction of the currency.

Naira Remains Stable in Official Market Amid Rising Black Market Dollar Demand