The official dollar‑to‑naira rate slipped to N1,380.71 per $1 on Tuesday, April 28, 2026, marking the second depreciation of the week and widening the gap with the parallel market. The Central Bank of Nigeria (CBN) released the data, showing a decline of 16.47 naira from the previous day’s rate of N1,364.24.
In the black‑market segment, the naira held steady at N1,429 per $1, matching Monday’s level. The divergence between the official and unofficial rates underscores the continued strain on Nigeria’s foreign‑exchange system.
The depreciation comes as Nigeria’s foreign‑exchange reserves fell to $48.39 billion as of April 27, according to CBN figures. Reserve levels have been on a downward trajectory for several months, reflecting persistent balance‑of‑payments pressures and reduced inflows from oil exports, the country’s primary source of foreign currency.
Since the beginning of the year, the naira has lost more than 30 percent against the dollar on the official market, a trend driven by a combination of falling oil revenues, high inflation, and tighter monetary conditions. The Central Bank has maintained a policy of limited dollar sales to the market, a stance that has tightened liquidity and contributed to the recent sharp moves.
Analysts note that the sustained weakness of the naira raises concerns for import‑dependent sectors, which face higher costs for essential goods and raw materials. Higher import bills can further erode consumer purchasing power and add pressure to the already elevated inflation rate, which has hovered above 30 percent for several consecutive months.
The unchanged black‑market rate suggests that arbitrage opportunities remain limited, as traders appear to be waiting for clearer signals from monetary authorities before committing to large‑scale transactions. The CBN has not indicated any imminent changes to its exchange‑rate policy, but it continues to engage with commercial banks to manage liquidity and stabilize the official market.
The latest depreciation highlights the challenges confronting Nigeria’s economy as it seeks to restore confidence in its currency and rebuild foreign‑exchange reserves. Stakeholders, including policymakers, businesses, and investors, will be watching forthcoming CBN actions and any fiscal reforms that could affect the supply‑demand dynamics of foreign currency in the months ahead.
