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Naira Holds Ground at Official Market, Pressure Persists in Parallel Window
Experts also noted that while recent reforms by the Central Bank of Nigeria have improved transparency, achieving full convergence of exchange rates will require increased liquidity and investor confidence.
LAGOS — April 24, 2026: The naira recorded relative stability against the United States dollar at the official foreign exchange market on Friday, trading within the range of ₦1,350 to ₦1,355.
Data from the Nigerian Autonomous Foreign Exchange Market showed marginal fluctuations, suggesting continued efforts by monetary authorities to stabilise the currency through policy interventions.
However, checks across major currency trading hubs indicated that the naira remained under pressure in the parallel market, where it exchanged above ₦1,400 to the dollar. Traders attributed the disparity to sustained demand for foreign exchange and limited supply in the official window.
Financial analysts say the gap between the official and parallel market rates continues to reflect underlying structural challenges in Nigeria’s foreign exchange system. These include low dollar inflows, high import dependence, and speculative activities.
Experts also noted that while recent reforms by the Central Bank of Nigeria have improved transparency, achieving full convergence of exchange rates will require increased liquidity and investor confidence.
Market participants are expected to closely monitor policy signals in the coming weeks, particularly as global economic conditions continue to influence capital flows into emerging markets.