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Naira to Dollar rate today Monday, April 6, 2026

The Nigerian Naira opened the week on a steady note, holding firm against the United States Dollar at about ₦1,377.80 in early trading on Monday, April 6, 2026.

The stable start reflects continued confidence in recent reforms and tight monetary measures introduced by the Central Bank of Nigeria.

Data from the official market showed only slight movements compared to last week’s closing rate of ₦1,380.79, suggesting the Naira remains relatively resilient despite global Dollar strength.

Official Market Shows Stability

At the Nigerian Foreign Exchange Market, trading activity remained calm, with the local currency hovering close to the ₦1,380 range.

Analysts say improved transparency from the Electronic Foreign Exchange Matching System has played a key role in keeping rates stable.

The system has strengthened price discovery and boosted investor confidence, helping the market avoid sharp swings often seen in previous months.

Parallel Market Holds Firm

In the informal segment, the Naira also showed little change. Currency traders across major commercial centres quoted the Dollar between ₦1,405 and ₦1,415.

Although the gap between official and parallel market rates stands at around ₦32, it remains significantly narrower than past levels.

Experts attribute this to better coordination between regulators and Bureau De Change operators, which has reduced speculative pressure.

Key Factors Driving the Market

Several economic forces continue to shape the direction of the Naira:

Nigeria’s external reserves remain under close watch. After dipping due to recent debt payments, reserves are projected to rise from about $49.29 billion to over $51 billion, supported by oil earnings and foreign inflows.

The Monetary Policy Committee has retained interest rates at 26.5%, a move aimed at curbing inflation and attracting foreign investors into Naira assets.

In addition, reforms in the remittance space have increased foreign currency inflows, as more diaspora funds are now routed through official banking channels.

Outlook for the Week

Market watchers expect the Naira to trade within the ₦1,370 to ₦1,390 band in the official window in the near term.

Attention will remain on foreign inflows, reserve growth, and global oil prices, particularly Bonny Light crude, which continues to trade at favourable levels.

Investors are also anticipating possible policy signals from the Central Bank that could further stabilise the market and reduce the gap between exchange rate segments.

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Naira Strengthens To N1,355 Per Dollar

The naira continued its upward trend on Monday, rising to N1,355/$ at the official foreign exchange market, up from N1,363.5/$ on Friday.

Data from the Central Bank of Nigeria indicates that the local currency has maintained a steady recovery trend in recent days, supported by relatively stable market conditions, Channels reports.

Monday’s gain marks the naira’s strongest performance since February 23, 2026, when it closed at N1,353.5/$.

Market figures show that the currency appreciated to N1,390.5/$ on Tuesday before strengthening further to N1,373.5/$ on Wednesday.

It continued the positive trend on Thursday at N1,370/$ and improved to N1,363.5/$ by Friday, before extending the rally on Monday.

During Monday’s trading session, the naira fluctuated between N1,365.35/$ and N1,354/$, reflecting relatively stable intraday activity.

Global factors also shaped market sentiment, as investors tracked movements in the U.S. dollar alongside geopolitical tensions involving Iran and their potential impact on global energy markets.

In early Asian trading, the euro slipped by 0.12 per cent to $1.1492, while the British pound declined by 0.1 per cent to $1.33.

The dollar index, however, remained largely unchanged at 99.913.

The Australian dollar also weakened slightly ahead of a key interest rate decision by the country’s central bank, adding to cautious sentiment in global markets.

The apex bank noted that Nigeria’s improving external reserve position could help stabilise the naira against sustained pressure.

Net foreign exchange reserves rose to $34.80 billion at the end of 2025, while gross external reserves increased to $50.45 billion as of February 2026, driven by stronger oil earnings and higher foreign inflows.

The CBN Governor, Olayemi Cardoso, said ongoing monetary and foreign exchange reforms are aimed at boosting investor confidence and enhancing market liquidity.

According to projections in the bank’s 2026 macroeconomic outlook, Nigeria’s external reserves could rise further to $51.04 billion, largely supported by improved oil revenues.

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Naira Rises To N1,490/$ In Parallel Market

The naira strengthened yesterday, appreciating to ₦1,490 per dollar in the parallel market from ₦1,495 per dollar on Monday.

Likewise, the naira appreciated to N1,420 per dollar in the Nigerian Foreign Exchange Market, NFEM.

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,420 per dollar from N1,420.5 per dollar on Monday, reflecting a 50 kobo appreciation for the naira.

Consequently, the margin between the parallel and official markets narrowed to N70 per dollar from N74.5 per dollar on Monday.

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Naira Appreciates To N1,530/$ In Parallel Market

The Naira strengthened in the parallel market yesterday, rising to N1,530 per dollar from Wednesday’s rate of N1,537 per dollar.

Likewise the Naira appreciated to N1,490 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,490 per dollar from N1,498 per dollar on Wednesday, indicating N8 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate widened to N40 per dollar from N39 per dollar on Wednesday.

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Naira Down To N1,540 In Parallel Market

The Naira fell to N1,540 per dollar in the parallel market yesterday, down from N1,525 per dollar on Tuesday.

But the Naira appreciated to N1,502.5 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate fell to N1,502.5 per dollar from N1,506.5 per dollar yesterday, indicating N6.5 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate expanded to N37.5 per dollar from N18.5 per dollar on Tuesday.

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Naira Slides To N1,550/$ In Parallel Market

The Naira weakened further on Tuesday, August 26, closing at N1,550 per dollar in the parallel market, compared to N1,540 per dollar on Monday.

In the Nigerian Foreign Exchange Market (NFEM), the local currency also weakened slightly to N1,537 per dollar, compared to N1,536.99 per dollar the previous day, according to data from the Central Bank of Nigeria (CBN).

This depreciation widened the gap between the official and parallel market rates to N13 per dollar, a sharp increase from N3.01 recorded on Monday.

The currency’s drop reflects sustained pressure from high demand for foreign exchange amid limited dollar supply, a challenge that has persisted despite ongoing CBN interventions and recent policy reforms aimed at stabilizing the market.

Analysts warn that without a significant boost in forex inflows and improved investor confidence, the Naira could face further volatility in the coming weeks.

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Dollar to Naira Black Market Rate: Everything You Need to Know (February 2, 2024)

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate.

Looking to exchange dollars for naira on the black market or parallel market? This article provides current rates, key terms, and important information.

What is the Black Market Rate?

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate. However, transactions occur outside regulated channels, carrying inherent risks.

 

Key Terms:

  • Buying Rate: The price you pay in naira to obtain one dollar.
  • Selling Rate: The amount of naira you receive for exchanging one dollar.
  • BDC Operators/Abokis: Individuals or businesses facilitating black market exchanges.

Today’s Rates (February 2, 2024)

 

Black Market Rate

  • Buying ₦1425
  • Selling ₦1435

CBN Rate

  • Selling ₦1414
  • Buying ₦1413

Please note that

  • Rates are fluid and can change rapidly.
  • Lagos and Abuja often offer better rates due to their strategic location.
  • Transactions carry inherent risks due to the unregulated nature of the black market.
  • Consider alternatives like licensed bureau de change operators for safer transactions.
  • This information is for informational purposes only and does not constitute financial advice.

Remember: Exercise caution when exchanging currencies on the black market. Always compare rates, inquire about fees, and prioritize safety and transparency.

 

Disclaimer: I am not affiliated with any financial institutions and cannot endorse specific services or providers.

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Naira Falls By 16%, Closes Week At N927/$

On the official Investor and Exporter forex window, the Nigerian currency, the naira closed the week at N927.19/$.

This was a 16.64 per cent decline from the N794.89/$ it closed the week that ended November 24, 2023, according to data from the FMDQ Securities Exchange. Also, the turnover of dollars traded in the market improved from $75.82m to $110.14m in the period under review.

On Friday, the naira began trading at N815.00/$ for the day before hitting a high of N1160/$ and a low N701/$ within the day. It eventually closed trading at N927.19/$.

Last week Friday, the naira traded at a high of N1136/$ and a low of N700.00/$. The naira has continued to fall despite the Central Bank of Nigeria’s attempt to clear a backlog of foreign exchange forward contracts.

Recently, the apex bank’s governor, Olayemi Cardoso, stated that fiscal deficits and public debt increases are adding pressure to the external reserves and contributing to exchange rate instability.

While commenting at the recent Chartered Institute of Bankers of Nigeria 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th Anniversary, the governor said, “We have already witnessed improvements in FX market liquidity in recent weeks, as the market responded positively to tranche payments which have been made to 31 banks to clear the backlog of FX forward obligations.

“We have been subjecting these payments to detailed verification to ensure only valid transactions are honored.  In a properly functioning market, it is reasonable to expect significant FX liquidity, with daily trade potentially exceeding $1.0bn. We envision that, with discipline and focused commitment, foreign exchange reserves can be rebuilt to comparable levels with similar economies.”

He added that one of the bank’s monetary policies aims is to achieve price stability and the stabilization of the exchange rate of the naira. Cardoso highlighted that the proper functioning of domestic and foreign currency markets, clear, transparent, and harmonised rules governing market operations are essential.

He declared, “New foreign exchange guidelines and legislation will be developed, and extensive consultations will be conducted with banks and FX market operators before implementing any new requirements.”

However, the Economic Intelligence Unit, the research and analysis division of the Economist Group, does not believe the CBN has the required firepower to clear the backlog of foreign exchange orders.

In a recent report, it said, “In Nigeria, an unsupportive monetary policy implies that the naira will remain under pressure, while the central bank lacks the firepower to adequately supply the market or clear a backlog of foreign exchange orders, which will keep foreign investors unnerved. High inflation and a continued spread with the parallel market will leave the exchange rate regime unstable and result in periodic devaluations.”

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