The Nigerian naira maintained a relatively stable position against the United States dollar on Wednesday, April 29, 2026, in the official foreign exchange market, despite ongoing pressure in the parallel market.
At the Nigerian Foreign Exchange Market (NFEM), the dollar exchanged at approximately ₦1,360, showing only marginal movement compared to previous trading sessions. The exchange rate remained within a tight range, reflecting cautious stability supported by regulatory measures and steady market intervention.
However, the situation differed in the unofficial market, where demand for foreign currency continued to push the naira lower. The dollar traded between about ₦1,400 and ₦1,480, depending on location and transaction volume. This gap between official and parallel market rates persisted due to limited dollar liquidity in formal channels and sustained demand from importers, travellers, and businesses.
Analysts say the divergence highlights ongoing pressure in Nigeria’s foreign exchange system, even as the official market shows signs of short-term stability.
Overall, while the official rate remained relatively calm, the parallel market continued to reflect underlying demand pressures on the naira.
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