The official dollar‑to‑naira rate fell to N1,380.71 on Tuesday, April 28, 2026, marking the second depreciation of the local currency within a single week. The Central Bank of Nigeria (CBN) released the data, showing a decline of 16.47 naira from the previous day’s level of N1,364.24.
In the parallel black‑market segment, the naira held steady at N1,429 per dollar, unchanged from Monday’s trading. The divergence between the official and black‑market rates underscores the persistent gap that has characterised Nigeria’s foreign‑exchange environment since the adoption of multiple exchange windows in 2023.
The depreciation comes as Nigeria’s foreign‑exchange reserves continued to contract, reaching $48.39 billion as of April 27, 2026, according to CBN figures. The reserve decline reflects ongoing balance‑of‑payments pressures, including a widening current‑account deficit and reduced inflows from oil exports, which remain the country’s primary source of foreign currency.
Since the removal of the previous currency peg in 2022, the naira has experienced heightened volatility. The CBN has responded with a series of policy measures aimed at stabilising the market, including tightening liquidity, raising the policy rate, and encouraging the use of foreign‑exchange derivatives. However, these steps have not yet translated into sustained appreciation of the official rate.
Analysts note that the recent slide may also be linked to renewed external shocks, such as weaker global oil prices and tighter monetary conditions in major economies, which have reduced demand for emerging‑market currencies. The persistence of a sizable black‑market premium—approximately 4.2 % above the official rate—suggests that arbitrage opportunities remain limited for market participants seeking to convert dollars at the official rate.
The CBN’s latest bulletin reaffirmed its commitment to rebuilding reserves and maintaining foreign‑exchange stability. It highlighted ongoing efforts to broaden the foreign‑exchange market, improve transparency, and promote the use of the official channel for importers and exporters.
For businesses and investors, the latest depreciation reinforces the need to monitor exchange‑rate risk closely and consider hedging strategies. The continued divergence between official and parallel rates may also affect pricing of imported goods, inflation dynamics, and the overall cost of living.
The naira’s trajectory will likely remain a focal point for policymakers as Nigeria navigates fiscal consolidation, structural reforms, and the transition to a more diversified export basket. Further movements in the dollar‑to‑naira rate will depend on both domestic policy actions and external economic conditions.
