The Nigerian Naira recorded a modest decline against the United States Dollar in early trading on Thursday, April 23, 2026, reflecting sustained midweek demand for foreign exchange across both official and informal markets.
At the Nigerian Foreign Exchange Market, the currency traded at an average rate of 1,351.59 per dollar, according to data from the FMDQ Securities Exchange. This marks a slight depreciation compared to earlier levels in the week, when the Naira hovered around the 1,347 mark.
Market activity at the official window remains closely monitored by investors, particularly as the Central Bank of Nigeria continues to operate a managed float system aimed at reducing volatility while ensuring access to foreign exchange for critical sectors.
In the parallel market, the Naira traded at a significantly higher range, with Bureau De Change operators in key commercial centres such as Lagos, Abuja, and Kano quoting the Dollar between 1,465 and 1,480.
The spread between the official and parallel markets stood at over 100 naira, a gap analysts attribute to unmet demand from small-scale importers and individuals seeking foreign exchange for personal travel and other needs outside official channels.
Economic experts link the current pressure on the currency to ongoing demand for Dollars to finance imports and meet external obligations, as well as fluctuations in global oil prices, which remain a key driver of Nigeria’s foreign exchange earnings.
As trading continues, analysts expect relative stability in the absence of major policy shifts, although changes in liquidity conditions or interventions by the apex bank could influence closing rates for the day.
