The Nigerian currency, the Naira, opened the week on a relatively stable note against the U.S. Dollar in the official market, offering a brief sense of calm for traders and businesses.
At the Nigerian Foreign Exchange Market (NFEM), the Naira exchange rate traded around ₦1,358.84 per dollar on Monday, April 13, 2026. Although early trading saw slight volatility—peaking at about ₦1,362—the currency later stabilized close to its opening rate.
This performance is largely attributed to ongoing interventions by the Central Bank of Nigeria. Which continues to manage liquidity and maintain tighter control over the forex market.
Analysts say the steady movement suggests improved confidence in the official window, even as broader economic uncertainties persist globally.
Black Market Gap Persists Amid Strong Dollar Demand
Despite the stability in the official market, the gap between official and parallel market rates remains significant.
In major cities like Lagos, Abuja, and Kano, the dollar traded between ₦1,460 and ₦1,485 in the black market. Reflecting strong demand from individuals and small businesses unable to access forex through official channels.
Experts warn that this disparity continues to put pressure on the economy, affecting import costs, inflation, and overall purchasing power. The situation is further influenced by global factors, including rising oil prices. And geopolitical tensions around key shipping routes like the Strait of Hormuz.
Market watchers say convergence between the two rates will depend heavily on future fiscal and monetary policies, as well as Nigeria’s ability to boost foreign exchange inflows.
For now, the outlook remains cautious. While the Naira has shown short-term stability. Analysts expect it to trade within the current range unless significant policy changes or external shocks occur.
As always, fluctuations in the exchange rate remain a critical concern for businesses and households, directly impacting prices, investments, and economic planning across the country.
