The Nigerian naira continues to trade within a relatively stable but pressured range against the United States dollar across both the official and parallel foreign exchange markets.
At the official market, data from the Nigerian Foreign Exchange Market (NFEM) indicates that the naira is trading around ₦1,360 – ₦1,380 per dollar, based on recent mid-market rates and trading averages observed in late March and early April.
Recent Central Bank data also shows the official rate largely anchored within the ₦1,344 to ₦1,370 band, reflecting controlled volatility and policy-driven stability.
In the parallel market, commonly referred to as the black market, the naira trades at a higher rate due to demand-supply pressures. As of April 7, 2026, the dollar is exchanged at approximately:
Buying rate: ₦1,400 per dollar
Selling rate: ₦1,410 per dollar
Other market trackers show similar ranges, with average street rates hovering between ₦1,395 and ₦1,420 per dollar, depending on location and transaction volume.
The persistent gap between the official and parallel market rates continues to reflect structural foreign exchange constraints, including limited dollar liquidity in the formal banking system and sustained demand from importers, travelers, and businesses.
Recent trends indicate that while the naira has maintained short-term stability in the official window, pressure remains in the informal market, where rates are more responsive to real-time demand dynamics.
Analysts maintain that without significant FX inflows or structural reforms, the exchange rate is likely to remain within the current band in the near term.
Source: NaijaNews
