The Nigerian Naira continued its upward trend against the US Dollar in the official foreign exchange market on Thursday, building on gains made earlier in the week. According to data from the Central Bank of Nigeria, the local currency strengthened to ₦1,342.30 per dollar, an increase from ₦1,343.74 on Wednesday, marking a marginal appreciation of ₦1.4. From Monday to Thursday, the Naira gained ₦13.88 against the dollar in the official market, indicating sustained momentum in its recovery.
In contrast, the parallel market, often referred to as the black market, remained unchanged at ₦1,410 per dollar. This stability highlights a persistent gap between the official and unofficial exchange rates. The currency’s performance occurs amid ongoing concerns regarding Nigeria’s external reserves, which have declined to $48.69 billion as of April 14, 2026, according to the latest data from the Central Bank. The decrease in reserves has contributed to volatility in the forex market; however, the Naira’s recent gains suggest that stabilization efforts may be taking effect.
Market analysts point out that the divergence between official and parallel market rates continues to pose a significant challenge, reflecting underlying liquidity constraints and investor sentiment. In response, the Central Bank has implemented various measures in recent months to boost confidence in the Naira and narrow the exchange rate gap. These measures include forex interventions and policies aimed at increasing dollar inflows.
Despite the gains observed on Thursday, the Naira’s recovery remains fragile. External pressures, such as global oil prices and domestic economic conditions, continue to influence its value. Observers are closely monitoring the situation to see if the Central Bank can sustain this momentum and further reduce the disparity between official and parallel market rates in the coming weeks.
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