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LAGOS — The Naira recorded a mixed performance in the foreign exchange market on Wednesday, April 8, 2026, posting modest gains at the official window even as pressure mounted on the parallel market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the domestic currency closing at ₦1,382.04 per dollar, recovering from an intraday high of ₦1,383.34. However, the parallel market continued to trade at a significant premium, with Bureau De Change (BDC) operators quoting rates between ₦1,410 and ₦1,425 per dollar in Lagos and Abuja.
The widening gap—now approximately ₦30 to ₦43—has raised fresh concerns among analysts who warn that sustained divergence between the two windows could fuel inflationary pressures and complicate monetary policy transmission.
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Reserve Decline Raises Caution
The latest figures from the Central Bank of Nigeria (CBN) indicate that the Naira weakened to ₦1,389 per dollar on Tuesday as external reserves fell by about $850 million over a three-week period, dropping to $49.18 billion between March 11 and April 2, 2026
This decline marks a reversal from earlier gains. CBN Governor Olayemi Cardoso had announced in February that reserves climbed to $50.45 billion as of February 16, 2026—the highest level in 13 years—supported by improved capital inflows and ongoing policy reforms.
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The recent drop has injected fresh caution into the market, with traders closely watching the apex bank’s next moves.
Intraday Volatility Persists
Tuesday’s trading session saw the Naira fluctuate between ₦1,381 and ₦1,390 against the dollar, with an average rate of ₦1,386.3 per dollar, reflecting persistent demand pressures despite improved liquidity measures.
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Market participants attribute the sustained parallel market premium to unmet demand from small-scale importers, travellers, and individuals who continue to face difficulties accessing foreign exchange through official channels.
CBN Prepares New FX Manual
In a bid to attract inflows and strengthen stability, the Central Bank of Nigeria has signalled plans to unveil a new foreign exchange manual. Muhammad Abdullahi, the bank’s deputy governor, confirmed that the updated framework is designed to deepen transparency and improve the overall functioning of the nation’s FX market.
Analysts say the success of the new manual will depend largely on its ability to narrow the gap between the official and parallel markets while boosting investor confidence.
Outlook for the Week
As trading continues through the week, financial experts advise travellers, business owners, and investors to monitor real-time exchange rate movements closely. The closing rate for Wednesday remains subject to late-afternoon trading volumes and the level of dollar supply available in the system.
With external reserves trending downward and parallel market demand remaining robust, the Naira may face continued headwinds unless the CBN deploys further liquidity interventions or introduces policy measures that effectively stabilise supply.
Dollar to Naira Key Exchange Rates — Wednesday, April 8, 2026
| Market | Rate (₦/USD) |
|---|---|
| NFEM Official Window | ₦1,382.04 |
| Parallel Market (Lagos/Abuja) | ₦1,410 – ₦1,425 |
