The Nigerian naira showed slight movement against the US dollar at the start of trading on Wednesday, reflecting the continued instability in the foreign exchange market.
At the official market, the currency recorded a small gain. It traded at ₦1,382.04 per dollar, improving slightly from ₦1,383.34 earlier in the day. The market opened on a volatile note, with the rate briefly rising to ₦1,383.50 before settling lower.
This mild recovery suggests ongoing efforts to stabilise the naira, likely supported by liquidity measures and interventions from monetary authorities, even as pressure from global oil prices and local demand persists.
In the parallel market, however, the naira remains under strain. Rates reported by Bureau De Change operators in cities like Lagos and Abuja range between ₦1,410 and ₦1,425 per dollar. The strong demand for foreign currency, especially among importers and individuals, continues to drive this pressure.
The gap between the official and parallel market rates remains significant, a factor that often influences inflation and the cost of goods across the country.
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Market watchers are keeping a close eye on possible policy moves from the Central Bank, as well as overall demand and supply trends. For now, the outlook remains uncertain, with the naira’s performance likely to shift as trading continues throughout the day.
For travellers, business owners, and investors, staying updated is important, as exchange rates could still change before the market closes.
