Naira Strengthens to ₦1,396/$ in Parallel Market as Official-Parallel Gap Narrows Sharply

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The Nigerian naira appreciated against the US dollar in the parallel market, trading at ₦1,396 per dollar yesterday, compared to ₦1,400 per dollar last Thursday.

This modest gain in the informal (parallel or black) market reflects continued resilience in parts of the foreign exchange segment amid ongoing market dynamics.

In contrast, the naira depreciated slightly in the official Nigerian Foreign Exchange Market (NFEM). Data from the Central Bank of Nigeria (CBN) showed the indicative exchange rate rising to ₦1,389 per dollar from ₦1,382.75 per dollar recorded last Thursday — a depreciation of ₦6.25.1dba43

The margin between the parallel and official markets narrowed significantly to just ₦5 per dollar, down from ₦17.25 per dollar last Thursday. This tighter spread signals improving alignment between the two windows and reduced arbitrage opportunities.

Activity in the interbank market also moderated, with the number of deals falling to 71 — an 18% decline from the 87 deals recorded last Thursday.

The appreciation in the parallel market comes as the naira has shown relative stability in recent sessions, with rates hovering in the ₦1,390–₦1,410 range across sources tracking informal trades. Official rates have similarly remained in the low ₦1,380s to ₦1,390s in early April 2026 trading.

No specific triggers for yesterday’s movements were detailed in immediate reports, but the narrower premium between official and parallel rates is often viewed positively by analysts as an indicator of greater market efficiency under the CBN’s forex policies.

Market participants continue to monitor dollar supply, oil revenues, and external inflows, which have supported the naira in recent months. However, volatility remains a feature of the FX space, and stakeholders urge sustained reforms to bolster long-term stability.

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