The Nigerian naira recorded a mild decline against the US dollar in early trading on Thursday, April 23, 2026, across both the official and parallel foreign exchange markets, as demand for foreign currency remained steady.
At the official window, the Nigerian Foreign Exchange Market (NFEM), the naira traded at an average of ₦1,351.59 to the dollar, according to data from the FMDQ Securities Exchange. This marks a slight drop from earlier levels in the week, when the currency hovered around ₦1,347.
Market activity at the official window continues to attract attention, with the Central Bank of Nigeria maintaining its managed float policy aimed at reducing volatility while ensuring critical sectors can access foreign exchange.
In the parallel market, however, the naira traded significantly weaker. Rates from Bureau De Change operators in key cities like Lagos, Abuja, and Kano ranged between ₦1,465 and ₦1,480 per dollar.
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This creates a gap of over ₦100 between the official and parallel market rates, largely driven by unmet demand from small businesses, importers, and individuals who struggle to access foreign currency through formal channels.
Analysts say the pressure on the naira is tied to ongoing demand for dollars to finance imports and meet external obligations, alongside fluctuations in global oil prices, which remain Nigeria’s main source of foreign exchange earnings.
As trading continues, the market is expected to stabilise, although any intervention by the central bank or changes in liquidity could influence how the naira closes for the day.
