The Nigerian naira showed relative stability against the US dollar on Wednesday, April 29, 2026, despite sustained demand pressures and cautious trading sentiment across the foreign exchange market.
At the official window, the Nigerian Foreign Exchange Market (NFEM), the naira traded at approximately ₦1,360 per dollar in early dealings, reflecting only marginal movement from the previous session. Latest figures indicate the currency hovered around ₦1,360.19/$, underscoring minor day-to-day fluctuations as the market adjusts toward equilibrium.
This trend aligns with recent sessions, during which the naira has maintained a narrow trading band between ₦1,350 and ₦1,360, supported by continued interventions and relatively moderate demand within the official market.
In contrast, the parallel market—commonly referred to as the black market—continued to reflect stronger demand for foreign exchange outside formal channels. Exchange rates in this segment ranged between ₦1,400 and ₦1,480 per dollar, varying by location and transaction volume.
The gap between official and parallel market rates persists, largely driven by unmet dollar demand from importers, travelers, and individuals with limited access to foreign exchange through formal banking systems.
Market analysts note that the current outlook reflects a delicate balance, with the official market demonstrating stability while the informal segment absorbs excess demand.
Overall, the naira’s performance on April 29 suggests continued resilience at the official window, even as pressure lingers within the parallel market.