The Nigerian naira traded with relative stability against the United States dollar on Wednesday, April 29, 2026, across both the official and parallel foreign exchange markets, despite sustained demand pressures and cautious trading activity.
At the Nigerian Foreign Exchange Market (NFEM), the official window, the naira exchanged at about ₦1,360 per dollar in early trading, showing only slight movement from the previous session. Recent figures placed the currency around ₦1,360.19/$, reflecting minor daily fluctuations as supply and demand attempt to find equilibrium.
This trend is consistent with recent sessions, where the naira has hovered within the mid-₦1,350 to ₦1,360 range, supported by interventions and moderated demand in the official market.
In the parallel market, however, the naira traded at weaker levels due to stronger demand for foreign currency outside formal channels. Exchange rates ranged between ₦1,400 and ₦1,480 per dollar, depending on location and transaction size.
The disparity between the official and parallel market rates remains, largely driven by unmet dollar demand from importers, travellers, and individuals with limited access to foreign exchange through the banking system.
Analysts note that the current pattern highlights a fragile balance in the forex market, with the official segment maintaining stability while the informal market continues to absorb excess demand.
Overall, the naira’s performance on April 29 indicates resilience in the official window, even as pressure persists in the parallel market.