The Nigerian Naira continued its upward trend against the US Dollar at the official foreign exchange market on Thursday, extending gains recorded earlier in the week. According to data from the Central Bank of Nigeria, the local currency strengthened to ₦1,342.30 per dollar, up from ₦1,343.74 on Wednesday—a marginal appreciation of ₦1.4.
From Monday to Thursday, the Naira gained ₦13.88 against the dollar at the official market, reflecting sustained momentum in its recovery. In contrast, the parallel market—commonly referred to as the black market—remained unchanged at ₦1,410 per dollar, indicating a persistent gap between official and unofficial exchange rates.
The currency’s performance comes amid ongoing concerns over Nigeria’s external reserves, which declined to $48.69 billion as of April 14, 2026, according to the latest data from the Central Bank. The drop in reserves has fueled volatility in the forex market, though the Naira’s recent gains suggest some stabilization efforts may be taking effect.
Market analysts note that the divergence between official and parallel market rates remains a key challenge, as it reflects underlying liquidity constraints and investor sentiment. The Central Bank has implemented various measures in recent months to boost confidence in the naira and narrow the exchange rate gap, including forex interventions and policies aimed at increasing dollar inflows.
Despite Thursday’s gains, the Naira’s recovery remains fragile, with external pressures such as global oil prices and domestic economic conditions continuing to influence its value. Observers will be watching closely to see whether the Central Bank can sustain this momentum and further narrow the disparity between official and parallel market rates in the weeks ahead.
