Naira to Dollar exchange rate today, Tuesday, April 28, 2026
The Nigerian Naira opened trading on Tuesday, April 28, 2026, on a relatively stable note against the US Dollar, exchanging at about 1,360.19 NGN per $1 in the official market.
Official Market (NFEM) Performance
At the start of trading in the official window, the Naira demonstrated mild strength, settling around 1,360.19 NGN to the Dollar.
This reflects ongoing marginal adjustments recorded on the FMDQ Securities Exchange, driven by transactions from institutional investors.
The currency experienced slight fluctuations earlier in the session, moving from an opening level of 1,359.23 NGN before stabilising near its current rate.
These movements highlight the continuous balancing of demand and supply within the market.
The Central Bank of Nigeria maintains close supervision of the official segment, ensuring the “willing buyer, willing seller” framework enhances transparency and supports effective price discovery while limiting sharp currency swings.
Parallel Market Movements
In the parallel market, the Dollar continues to trade at a higher rate due to stronger immediate demand.
Across key cities such as Lagos, Kano, and Port Harcourt, exchange rates range between 1,480 NGN and 1,495 NGN per Dollar.
This persistent gap between the official and informal markets remains under scrutiny, as it reflects unmet foreign exchange demand within the formal system.
Traders indicate that demand is largely driven by small business importers and individuals seeking foreign currency for travel and personal needs.
Key Drivers of the Market
Several macroeconomic factors are shaping today’s exchange rate movements. Crude oil prices continue to play a vital role by influencing Nigeria’s foreign exchange inflows.
At the same time, domestic liquidity is being affected by ongoing efforts to clear corporate FX backlogs, alongside seasonal demand for international transactions.
Market observers expect the Naira to trade within its current range for the rest of the day, barring any major intervention or sudden changes in global economic conditions.
Investors and stakeholders are advised to monitor closing rates for a clearer picture of midweek performance.