The Nigerian Naira opened trading on Tuesday, April 28, 2026, with a stable but cautious outlook against the US Dollar, as analysts monitor slight shifts in liquidity across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Official market (nfem) activity
At the official window, the Naira demonstrated some resilience in early trading, exchanging at about 1,360.19 NGN per 1 USD. This reflects ongoing minor adjustments, with rates moving from an opening of 1,359.23 NGN as market forces of demand and supply continue to find balance.
The Central Bank of Nigeria remains actively overseeing the market, ensuring that the “willing buyer, willing seller” framework promotes transparency while limiting sharp fluctuations in the currency’s value.
Parallel market trends
In the parallel market, the Dollar continues to trade at a premium due to immediate retail demand. Across cities like Lagos, Kano, and Port Harcourt, exchange rates are currently ranging between 1,480 NGN and 1,495 NGN.
The disparity between the official and parallel rates remains under close watch, as it reflects unmet demand within the formal market. Traders indicate that small-scale importers and travellers are driving activity in the informal segment.
Factors affecting today’s rate
Several macroeconomic factors are influencing the Naira’s performance. Global oil prices continue to support foreign exchange inflows, while domestic liquidity is being shaped by the clearance of forex backlogs and seasonal demand for international transactions.
Market participants expect the Naira to remain within its current range throughout the day, barring any major intervention or shift in global sentiment.