Dollar to Naira Exchange Rate Holds Steady Amidst Cautious Market Sentiment
Lagos, Nigeria – April 24, 2026 – The Nigerian Naira has maintained a stable position against the United States Dollar today, April 24, 2026, across both official and parallel foreign exchange markets. This stability comes amidst sustained demand pressures and a generally cautious outlook among market participants.
At the Nigerian Foreign Exchange Market (NFEM), the official window, the Naira is trading in the range of ₦1,350 to ₦1,355 per dollar, consistent with recent trading trends. Figures from preceding sessions also show the currency hovering near ₦1,351.59/$ and approximately ₦1,350.74/$ [2]. The Central Bank of Nigeria's (CBN) official rate is currently listed at ₦1,353.91 [3].
In the parallel market, often referred to as the black market, the Naira is trading at a slightly weaker level, with the dollar being bought around ₦1,395 and sold between ₦1,405 and ₦1,420 [2]. Rates on NgnRates.com for the parallel market indicate a buying range of ₦1,385 to ₦1,392, averaging ₦1,388.50, and a selling range of ₦1,400 [1]. Other sources cite a selling rate of ₦1,400 [4]. This presents a gap of approximately ₦40 to over ₦60 between the official and parallel market rates, largely attributed to persistent supply constraints in the formal FX window [2].
Market analysts suggest that the current stability, particularly in the official market, is a result of a delicate balance between demand for foreign exchange for imports, travel, and offshore obligations, and Nigeria's fluctuating oil revenues, which remain the primary source of foreign currency [2]. Despite intermittent steadiness, the Naira remains susceptible to external shocks and domestic liquidity challenges [2].
Historical data for 2026 shows fluctuations in the exchange rate, with the highest rate recorded at ₦1,446.52 on January 1, 2026, and the lowest at ₦1,340.00 on February 18, 2026 [7]. The average exchange rate for the year so far is approximately ₦1,380.85 [7]. Current mid-market rates also reflect this stability, with 1 USD being equivalent to ₦1,348.46 [5], and historical data for April 24, 2026, showing an opening rate of 1,351.9600 and a closing rate of 1,352.0000 [10].
While the exchange rate remains relatively stable today, the underlying dynamics of supply and demand in Nigeria's foreign exchange system continue to underscore ongoing structural imbalances.
At the Nigerian Foreign Exchange Market (NFEM), the official window, the Naira is trading in the range of ₦1,350 to ₦1,355 per dollar, consistent with recent trading trends. Figures from preceding sessions also show the currency hovering near ₦1,351.59/$ and approximately ₦1,350.74/$ [2]. The Central Bank of Nigeria's (CBN) official rate is currently listed at ₦1,353.91 [3].
In the parallel market, often referred to as the black market, the Naira is trading at a slightly weaker level, with the dollar being bought around ₦1,395 and sold between ₦1,405 and ₦1,420 [2]. Rates on NgnRates.com for the parallel market indicate a buying range of ₦1,385 to ₦1,392, averaging ₦1,388.50, and a selling range of ₦1,400 [1]. Other sources cite a selling rate of ₦1,400 [4]. This presents a gap of approximately ₦40 to over ₦60 between the official and parallel market rates, largely attributed to persistent supply constraints in the formal FX window [2].
Market analysts suggest that the current stability, particularly in the official market, is a result of a delicate balance between demand for foreign exchange for imports, travel, and offshore obligations, and Nigeria's fluctuating oil revenues, which remain the primary source of foreign currency [2]. Despite intermittent steadiness, the Naira remains susceptible to external shocks and domestic liquidity challenges [2].
Historical data for 2026 shows fluctuations in the exchange rate, with the highest rate recorded at ₦1,446.52 on January 1, 2026, and the lowest at ₦1,340.00 on February 18, 2026 [7]. The average exchange rate for the year so far is approximately ₦1,380.85 [7]. Current mid-market rates also reflect this stability, with 1 USD being equivalent to ₦1,348.46 [5], and historical data for April 24, 2026, showing an opening rate of 1,351.9600 and a closing rate of 1,352.0000 [10].
While the exchange rate remains relatively stable today, the underlying dynamics of supply and demand in Nigeria's foreign exchange system continue to underscore ongoing structural imbalances.
This article and image are AI generated. For informational purposes only.