The Nigerian Naira sustained its steady performance in the foreign exchange market on Tuesday, April 21, 2026, as trading commenced with ongoing efforts to reduce the gap between official and parallel market rates. After a relatively calm start to the week, the local currency continues to show resilience, supported by stable market conditions and consistent foreign exchange supply.
At the Nigerian Foreign Exchange Market (NFEM), the Naira traded at an average rate of ₦1,345.47 per dollar during early morning sessions. This represents a slight appreciation compared to the previous day’s closing rate. Data from the market showed the currency briefly reached a high of ₦1,345.87 before settling, with interbank trading activity remaining strong.
The relative stability recorded in the official market has been largely attributed to the Central Bank’s sustained efforts to ensure transparency in price discovery, alongside the provision of adequate liquidity for eligible transactions.
Meanwhile, activity in the parallel market reflected a similar trend of reduced volatility. Across key trading centres such as Lagos, Port Harcourt, and Kano, the dollar exchanged between ₦1,390 and ₦1,405. Although the informal market continues to operate at a premium, the sharp fluctuations previously associated with it have eased, offering a more predictable environment for individuals and small businesses that depend on this segment.
Market analysts have linked the current performance of the Naira to improved investor sentiment, driven by stronger external reserves and increased foreign exchange inflows from portfolio investors. Efforts by monetary authorities to achieve convergence between official and unofficial rates remain ongoing, with recent developments indicating gradual progress toward a more unified exchange system.
For businesses and the general public, the current exchange rates signal a period of consolidation. While the global strength of the U.S. dollar remains a factor, the domestic market’s ability to manage demand without significant volatility provides a level of confidence for economic planning as the month progresses.
Naira Holds Firm Against Dollar as Market Stability Continues
