The Nigerian Naira recorded a mild decline against the US Dollar in early trading on Thursday, April 23, 2026, across both the official and parallel foreign exchange markets, as mid-week demand continues to shape rate movements.
In the Nigerian Foreign Exchange Market (NFEM), the currency opened with a slight depreciation. Data from the FMDQ Securities Exchange shows the Naira trading at an average of 1,351.59 per dollar, marking a small drop from earlier levels in the week when it hovered around 1,347.
Trading activity at the official window remains closely monitored by investors, with the Central Bank of Nigeria maintaining a managed float policy aimed at reducing volatility while ensuring access to foreign exchange for critical sectors.
In the parallel market, the Dollar continues to command a higher rate. Reports from Bureau De Change operators in major cities such as Lagos, Abuja, and Kano indicate exchange rates ranging between 1,465 and 1,480 per dollar.
The gap between the official and parallel markets currently stands at about 113 Naira, largely driven by unmet demand from small-scale importers and individuals seeking personal travel allowance, who often face stricter requirements in the official market.
Analysts link the pressure on the Naira to continued demand for foreign currency to finance international trade and service external debt. Fluctuations in global oil prices, Nigeria’s main source of foreign exchange, also play a key role in shaping market trends.
As trading continues, the exchange rate is expected to stabilise, although any major intervention by the central bank or changes in market liquidity could influence the closing figures for the day.