Official and parallel market rates show continued pressure on the naira
The Nigerian Naira opened trading on Wednesday, April 22, 2026, with ongoing fluctuations against the US Dollar across both official and parallel market segments, reflecting continued pressure on foreign exchange demand.
In the official market, the Naira is trading at an estimated ₦1,348.77 per $1, after briefly strengthening earlier in the day to around ₦1,346 before stabilising within the mid-₦1,340 range. This rate applies mainly to formal transactions processed through the official foreign exchange window.
The official market remains influenced by interventions from the Central Bank of Nigeria, which continues to inject liquidity into the system in an attempt to reduce volatility and support stability in the exchange rate.
However, the parallel market tells a different story. In major trading locations such as Lagos, Abuja, and Kano, the Dollar is exchanging between ₦1,450 and ₦1,470, highlighting a significant gap between official pricing and street-level demand.
This difference continues to reflect strong demand for dollars outside official channels, especially for travel, imports, and personal transactions where access to official forex is limited.
Analysts link the current exchange rate movement to broader economic factors such as oil revenue fluctuations, foreign reserve levels, and overall dollar scarcity in the system.
For now, market watchers say the Naira’s direction will continue to depend on liquidity levels and ongoing policy actions, as traders await more clarity from official data releases.
