Naira Remains Stable at Official Market as Black Market Rate Hits ₦1,480 per Dollar

The naira traded with relative calm against the US dollar on April 29, 2026, maintaining stability in the official market while remaining under pressure in the parallel segment.

In the official window, the Nigerian Foreign Exchange Market (NFEM), the currency hovered around ₦1,360 per dollar during early trading, with marginal movement compared to previous sessions. Data showed rates close to ₦1,360.19/$, indicating a steady but slightly fluctuating trend.

The naira has recently traded within the ₦1,350 to ₦1,360 band, reflecting relatively balanced market conditions supported by regulatory actions and controlled demand.

However, in the parallel market, the naira weakened further, exchanging between ₦1,400 and ₦1,480 per dollar, depending on demand levels and transaction locations.

The continued divergence between official and black market rates is linked to sustained demand for foreign currency from importers, travellers, and other users unable to access dollars through formal banking channels.

Market analysts describe the current situation as a dual-speed FX system, where official rates remain relatively stable while informal markets absorb excess demand pressures.

Overall, the naira’s performance on April 29 highlights stability in the formal market despite ongoing volatility in the parallel segment.

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