As of the morning of Tuesday, April 7, 2026, the Naira continues to show stability against the US Dollar, maintaining the narrow gap between official and parallel market rates seen in recent weeks.
Below is the exchange rate breakdown for today:
Current Exchange Rates (Morning Update)
| Market Category | Exchange Rate (1 USD to NGN) |
| Official Window (NFEM) | ₦1,380.04 |
| Parallel (Black) Market | ₦1,379.10 – ₦1,385.00 |
| BDC Rate | ~₦1,382.00 |
Key Market Insights
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Stability: The official market opened around ₦1,379.30 and has seen a high of ₦1,380.22 during early trading. This reflects a relatively balanced supply-demand dynamic for the second quarter of the year.
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Narrow Spread: The gap between the official and black market rates remains remarkably thin—in some instances, the black market is trading slightly lower or at parity with the official rate. This is largely attributed to the Central Bank’s continued use of the Electronic Foreign Exchange Matching System (EFEMS).
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External Reserves: Nigeria’s foreign exchange buffers have remained healthy, recently cited around $49.29 billion, providing the CBN with the necessary tools to intervene and curb sharp volatility.
Note: These rates are subject to change throughout the trading day based on market liquidity and transaction volumes. For those looking to swap currency, it is advisable to check with specific bank apps or authorized BDC operators for real-time execution prices.
