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Naira Slips Slightly Against Dollar as Official and Parallel Market Gap Widens
Nigeria’s Naira weakened slightly against the US Dollar in both official and black markets on April 23, 2026, as demand for forex, import needs, and global oil price fluctuations continue to impact exchange rates.
The Nigerian Naira weakened modestly against the US Dollar in early trading on Thursday, April 23, 2026, amid continued pressure in both official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), the currency opened at an average rate of 1,351.59 per Dollar, according to FMDQ Securities Exchange data. This marks a marginal decline from earlier levels around 1,347, reflecting renewed demand for foreign currency.
The Central Bank of Nigeria (CBN) continues to operate a managed float system aimed at controlling volatility and maintaining liquidity for key sectors of the economy.
Meanwhile, the parallel market maintained a much higher exchange rate, with Bureau De Change operators in Lagos, Abuja, and Kano quoting the Dollar between 1,465 and 1,480 Naira.
This creates a spread of roughly 113 Naira between official and street market rates, a gap analysts attribute to unmet demand from importers and individuals unable to access official FX channels.
Economic pressures on the Naira persist due to sustained Dollar demand for trade financing, external debt obligations, and fluctuations in global oil prices, Nigeria’s primary foreign exchange earner.
Market observers expect further movement in rates as trading continues, with outcomes likely influenced by liquidity conditions and possible regulatory interventions.
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