Despite ongoing demand pressures and cautious trade sentiment, the Nigerian naira remained relatively stable against the US dollar on Wednesday, April 29, 2026, throughout both the official and parallel foreign exchange markets.
Early trading at the official window, the Nigerian Foreign Exchange Market (NFEM), saw the naira trade at about ₦1,360 per dollar, with just minor changes from the previous session. According to recent data, the currency was lingering around ₦1,360.19/$, suggesting slight daily changes as market forces strive for equilibrium.
This performance is consistent with the wider pattern seen in previous sessions, when the naira has stayed between ₦1,350 and ₦1,360 due to continuous interventions and moderate demand at the official window.
Due to increased demand for foreign currency outside of official channels, the naira continued to trade at a lower rate in the parallel market, also referred to as the black market. Depending on the location and amount of transactions, rates were estimated to be between ₦1,400 and ₦1,480 per dollar.
Due in large part to unfulfilled dollar demand from importers, travelers, and people with restricted access to foreign exchange through official banking institutions, there is still a disparity between the official and parallel market rates.
The current trend, according to analysts, shows a delicate balance in the foreign exchange market, with the official segment exhibiting relative stability and the informal market continuing to absorb surplus demand.
The naira’s overall performance on April 29 indicates that it will continue to be resilient at the official window, even as pressure remains in the parallel market segment.