The Naira is demonstrating significant strength this Thursday morning, April 16, 2026, hitting its strongest level against the US Dollar since February.
Official Exchange Rate (NAFEM/NFEM)
Market reports from the Nigerian Foreign Exchange Market show the Naira gaining ground as liquidity continues to improve.
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Current Rate: ₦1,341.99 – ₦1,343.41 per $1
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Opening Range: ₦1,343.28 – ₦1,344.68
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Previous Close (April 14): ₦1,348.00
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Trend: The currency has strengthened past the ₦1,350 psychological barrier, supported by sustained FX auctions by the Central Bank and a reduction in import pressure.
Black Market (Parallel Market) Rate
The unofficial market has followed the official trend, with the gap between both windows remaining narrow.
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Average Rate: ₦1,385 – ₦1,395 per $1
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Trend: Traders attribute the relative calm to reduced speculative demand. However, some volatility is still noted due to the recent announcement that inflation climbed back to 15.38% in March.
Key Market Drivers Today
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Refinery Impact: The full-scale operation of local refineries has significantly cut the Dollar demand previously required for fuel imports.
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Inflation Pressure: Despite the currency gains, the NBS reported yesterday that inflation has risen to 15.38%, driven largely by transportation and food costs.
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Aviation Crisis: A looming threat by Nigerian airlines to shut down operations on April 20 due to Jet A1 (fuel) prices crossing ₦3,000 per litre is a developing story that could affect market sentiment later this week.
