The naira maintained a relatively stable performance against the US dollar on Wednesday, April 29, 2026, in both the official and parallel foreign exchange markets, despite ongoing demand pressures and cautious trading activity.
At the official Nigerian Foreign Exchange Market (NFEM), the currency traded around ₦1,360 per dollar in early hours of trading, showing only minor movement compared to the previous session. Recent figures placed it at about ₦1,360.19/$, reflecting a largely steady pattern as the market continues to adjust gradually to supply and demand conditions.
This stability is consistent with recent trends, where the naira has mostly hovered within the ₦1,350 to ₦1,360 range at the official window. Analysts attribute this to sustained market interventions and relatively balanced liquidity in the formal segment.
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However, the parallel market told a different story, with the naira exchanging at weaker rates ranging between approximately ₦1,400 and ₦1,480 per dollar, depending on location and transaction size. The disparity continues to reflect strong demand for foreign currency outside official banking channels.
Market operators say the gap between both markets remains driven by unmet demand from importers, travellers, and individuals who struggle to access dollars through formal channels.
Economic observers note that while the official market shows signs of calm, pressure in the informal segment highlights ongoing structural challenges in Nigeria’s foreign exchange system.
Overall, the naira’s performance for the day points to relative resilience at the official window, even as underlying demand pressures continue to shape activity in the broader FX market.
