The Nigerian Naira showed varying movements across different segments of the foreign exchange market on Wednesday, April 22, 2026, as traders and stakeholders closely tracked developments in both the official and parallel markets.
At the Nigerian Foreign Exchange Market (NFEM), the local currency opened trading with a slight adjustment against the United States Dollar, settling around ₦1,348.77/$1. This comes after mild fluctuations earlier in the session, where the rate dipped to about ₦1,346.30 before stabilising within the mid-₦1,340 range.
The official window continues to serve as the main channel for formal foreign exchange transactions, including government-backed allocations and corporate demand. The Central Bank of Nigeria has sustained its liquidity management efforts through periodic interventions aimed at ensuring stability in the market.
Meanwhile, activity in the parallel market reflected stronger demand pressures, particularly from retail users. Across major trading hubs in Lagos, Abuja, and Kano, the Dollar exchanged between ₦1,450 and ₦1,470, maintaining a noticeable gap from the official rate.
This disparity highlights the continued reliance on the informal market for transactions such as personal travel allowances and small-scale imports, which often fall outside formal documentation requirements.
Market participants are expected to monitor further developments as the day progresses, with closing figures from the FMDQ Securities Exchange likely to offer clearer insight into the Naira’s short-term direction.
Naira Records Mixed Performance Across Official and Parallel Markets
