The Nigerian naira recorded a largely stable performance against the United States dollar on Wednesday, April 29, 2026, across both official and parallel segments of the foreign exchange market, amid sustained demand and cautious trading activity.
At the Nigerian Foreign Exchange Market (NFEM), the currency traded at approximately ₦1,360 to the dollar in early deals, reflecting minimal variation from the previous session. Market data indicated the naira hovered around ₦1,360.19/$, underscoring marginal day-to-day movements.
This trend is consistent with recent trading patterns, where the naira has remained within the mid-₦1,350 to ₦1,360 range, supported by regulatory interventions and relatively moderated demand within the official market.
In contrast, the parallel market continued to reflect a weaker position for the local currency, with exchange rates ranging between ₦1,400 and ₦1,480 per dollar, depending on transaction volumes and location.
The disparity between the two market segments remains driven by persistent dollar demand from importers, travellers, and individuals who face constraints accessing foreign exchange through formal banking channels.
Market analysts note that the current situation highlights a fragile equilibrium, with the official window demonstrating relative stability while the parallel market absorbs excess demand pressure.
Overall, the naira’s movement on the day points to continued steadiness in the formal market, even as underlying pressures linger in the informal segment.
