As of Tuesday morning, April 28, 2026, the exchange rate between the US Dollar and the Nigerian Naira has shown relative stability in the official window while facing slight pressure in the parallel market.
Current Exchange Rates
-
Official Rate (NAFEM): The Naira is currently trading at an average of ₦1,360.56 per $1. It opened the session at ₦1,359.23 and has seen minor intra-day fluctuations, reaching a high of ₦1,360.19 in early trading.
-
Parallel Market (Black Market): The Dollar is being exchanged at rates between ₦1,480 and ₦1,495. Retail liquidity remains tight across major hubs in Lagos, Abuja, and Kano.
-
CBN Rate: The Central Bank of Nigeria’s internal benchmark is currently positioned at ₦1,358.44.
Key Market Indicators
-
Inflation Rate: 15.38%
-
Monetary Policy Rate (MPR): 26.5%
-
Naira Performance: Over the past month, the Naira has strengthened by approximately 1.94%, benefiting from increased global crude oil prices and recent monetary policy adjustments.
Market Note: Despite the official stability, the gap between the official and parallel markets remains roughly ₦120 – ₦135, a spread that traders are monitoring for potential arbitrage risks.
