The Nigerian naira recorded a mild depreciation against the US dollar in early trading on Thursday, April 23, 2026, across both the official and parallel foreign exchange markets, as midweek demand pressures persist.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), data from the FMDQ Securities Exchange showed the naira trading at an average of ₦1,351.59 per dollar.
This reflects a slight weakening compared to earlier in the week, when the currency hovered around the ₦1,347/$ level.
Market turnover at the official window remains a key focus for investors, as the Central Bank of Nigeria continues its managed float policy aimed at reducing volatility while ensuring priority sectors have access to foreign exchange.
Parallel Market Trends
At the parallel market, also known as the black market, the naira continued to trade at a significant premium. Early reports from Bureau De Change operators in major hubs such as Ikeja, Broad Street, Wuse Zone 4, and Kano indicated exchange rates ranging between ₦1,465 and ₦1,480 per dollar.
Analysts attribute the roughly ₦113 gap between the official and parallel markets to unmet demand from small-scale importers and individuals seeking Personal Travel Allowance (PTA), who often face limited access to official channels.
Economic Drivers and Outlook
The sustained demand for foreign exchange to fund imports and service external obligations continues to exert pressure on the naira. Additionally, fluctuations in global oil prices—Nigeria’s primary source of foreign earnings—remain a key factor influencing external reserves and currency stability.
Market participants expect some level of stabilization later in the trading session. However, any intervention by the Central Bank or shifts in liquidity conditions could influence the closing rates.
Observers are advised to monitor official end-of-day figures for a clearer assessment of the naira’s overall performance.