Naira Stabilises at ₦1,345/$ as FX Market Confidence Grows

Naira Stabilises at ₦1,345/$ as FX Market Confidence Grows 

The Nigerian Naira continued its steady run in the foreign exchange market on Tuesday, April 21, 2026, as early trading reflected growing confidence and sustained efforts to narrow the gap between official and parallel market rates.

At the official window, figures from the Nigerian Foreign Exchange Market (NFEM) showed the local currency trading at an average of ₦1,345.47 per dollar, marking a slight appreciation compared to the previous session. Intraday data indicated the Naira briefly strengthened to around ₦1,345.87/$, supported by stable demand and consistent interbank activity.

This performance highlights the impact of ongoing reforms by the Central Bank of Nigeria, which has focused on exchange rate transparency, liquidity management, and market-driven pricing. These policies are gradually restoring investor confidence and improving supply conditions in the official FX market.

Across the parallel market, the trend of relative calm persisted. In major trading hubs including Lagos, Port Harcourt, and Kano, the dollar traded between ₦1,390 and ₦1,405, reflecting a modest premium over the official rate.

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While the black market rate remains higher, the gap between both segments has continued to narrow, signaling progress toward exchange rate convergence. Compared to previous months marked by volatility and sharp swings, the current market environment is more stable, offering improved predictability for businesses and individuals relying on foreign exchange.

Analysts attribute the Naira’s resilience to stronger foreign exchange inflows, including increased participation from foreign portfolio investors, improved oil revenue receipts, and steady diaspora remittances. These factors have enhanced liquidity and reduced pressure on the local currency.

However, experts caution that external risks remain. The global strength of the US dollar and fluctuations in international oil prices could still influence Nigeria’s FX outlook in the near term.

For businesses and consumers, today’s Dollar to Naira exchange rate suggests a phase of consolidation, with fewer sharp fluctuations and more stability for financial planning. The current trajectory reinforces cautious optimism that Nigeria is moving toward a more unified and stable foreign exchange system.

Naira Stabilises at ₦1,345/$ as FX Market Confidence Grows