As of the morning of Thursday, April 23, 2026, the Nigerian Naira has shown some slight softening against the US Dollar compared to earlier in the week.
The market is currently reacting to mid-week demand and the ongoing transitions within the federal cabinet.
Here is the breakdown of the exchange rates across the primary markets:
Current Exchange Rates (Morning Update)
| Market Segment | Rate (NGN per 1 USD) | Trend |
| Official Window (NFEM) | ₦1,351.03 – ₦1,351.59 | Slight Depreciation |
| Parallel Market (Black Market) | ₦1,465 – ₦1,480 | Moderate Pressure |
Key Market Insights
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Official Market Performance: According to data from the FMDQ Securities Exchange, the Naira opened at roughly ₦1,351, down from the ₦1,347 level seen earlier this week. The Central Bank of Nigeria (CBN) continues to manage the float, focusing on maintaining liquidity for essential sectors.
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Parallel Market Premium: The gap (spread) between the official and parallel markets is currently around ₦113. This gap is largely attributed to small-scale importers and individuals seeking Personal Travel Allowance (PTA) who are bypassing the more stringent official channels.
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Economic Drivers: Analysts suggest the current pressure is a result of sustained demand for funding international trade obligations and servicing foreign debt. Additionally, global oil prices dropping below $90 per barrel is a factor being closely watched by currency traders.
Note: Rates in the parallel market can fluctuate throughout the day based on volume and location (e.g., Lagos, Abuja, or Kano). It is advisable to confirm with a licensed Bureau De Change (BDC) operator before making transactions.
