The Nigerian Naira began trading on Monday, April 20, 2026, at about ₦1,347.33 per US Dollar at the official window, showing slight depreciation as demand for foreign exchange remained steady across markets.

Market movement

At the Nigerian Foreign Exchange Market (NFEM), the Naira averaged ₦1,347.33/$ in early trading, reflecting a mild drop compared to last week’s close.

Traders said demand for the Dollar, especially for imports and international payments, continued to put pressure on the local currency despite relatively stable liquidity conditions.

Parallel market rates

In the parallel market, the Naira traded higher than the official rate, maintaining the usual gap between both segments.

Across major cities like Lagos, Abuja, and Kano, Bureau De Change operators quoted buying rates around ₦1,395 and selling rates near ₦1,405 per Dollar.

The relatively stable spread suggests that retail Dollar supply remains sufficient, limiting sharp fluctuations.

What is driving the trend

Analysts linked the Naira’s performance to persistent foreign exchange demand and ongoing adjustments within Nigeria’s FX framework.

They also noted that stable crude oil prices have helped support external reserves, providing some cushion against major volatility.

However, underlying demand for foreign currency continues to shape short-term movements in the market.

Outlook

For businesses and investors, the current trend points to gradual adjustments rather than extreme swings.

Market watchers say close monitoring of FX movements remains key, as even small shifts could impact pricing, trade, and investment decisions.