The Nigerian Naira records a modest gain in the foreign exchange market on Tuesday, April 21, 2026, as trading opens with continued efforts to reduce the gap between official and parallel market rates.
At the Nigerian Foreign Exchange Market (NFEM), the currency is quoted at an average of 1345.47 per Dollar in early trading, showing slight appreciation from the previous session’s close. It briefly rises to 1345.87 before stabilising, with interbank activity remaining steady. The stability in the official window is attributed to the Central Bank’s sustained push for transparent pricing and adequate liquidity for transactions.
In the parallel market, the trend of stability also persists. Across key trading centres such as Lagos, Port Harcourt, and Kano, the Dollar trades between 1390 and 1405. Although the informal market still commands a premium, fluctuations have reduced, offering a more predictable environment for individuals and small businesses relying on it.
Analysts say the current performance is driven by improved confidence in Nigeria’s external reserves and increased dollar inflows from foreign investors. Efforts to align official and unofficial rates remain central to policy direction, with recent movements suggesting gradual progress toward a unified exchange system.
For businesses and the public, the current rates reflect a phase of consolidation. While global dollar strength continues to pose a risk, the market’s ability to manage demand without sharp swings provides some stability for economic planning.