The Naira has experienced a notable shift this morning, Wednesday, April 22, 2026, with the gap between the official and parallel markets widening as demand for the Dollar intensifies.
Here are the latest exchange rates for today:
Official Market (NAFEM) Rate
-
Opening Rate: ₦1,348.77 per $1
-
Current Trading Range: ₦1,346.30 – ₦1,349.54
-
The official window opened with a slight adjustment from yesterday’s close. While it remains the primary channel for government-backed forex, early morning volatility has seen the rate touch a high of ₦1,349.54 as the Central Bank continues efforts to maintain liquidity.
Black Market (Parallel) Rate
-
Buying Rate: ₦1,450 – ₦1,455 per $1
-
Selling Rate: ₦1,460 – ₦1,470 per $1
-
Rates in major hubs like Lagos (Broad Street), Abuja (Wuse Zone 4), and Kano have jumped significantly this morning. Traders attribute this to “persistent demand pressures” for personal travel allowances and small-scale imports that bypass the official documentation process.
Market Drivers & Sentiment Today
-
Widening Spread: The gap between the official and black market rates has stretched to approximately ₦110 – ₦120, signaling renewed pressure on the local currency.
-
Speculative Activity: Analysts suggest the parallel market is currently sensitive to speculative moves following the recent cabinet reshuffle and the surge in global oil prices.
-
External Reserves: While high oil prices have provided a cushion for Nigeria’s external reserves, the internal demand for physical dollars continues to outpace immediate supply in the informal sector.
Note: These rates are highly dynamic and can change within hours. It is advisable to check with your local Bureau De Change (BDC) or bank before concluding any transaction.
