The naira closed the mid-week trading session at N1,423/$ at the official foreign exchange market, extending a mixed performance that contrasts sharply with sustained weakness in the parallel market.
Data from the Central Bank of Nigeria (CBN) and Naijaonpoint Research shows that while the official market remains relatively stable, pressures persist outside the regulated window.
The gap between both FX windows has narrowed slightly but remains wide, demonstrating ongoing market reforms and structural constraints in Nigeria’s currency market.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded at N1,420.5/$ on Monday, strengthened marginally to N1,420/$ on Tuesday, before depreciating to N1,423/$ on Wednesday.
The data indicates that while official rates show some convergence, the parallel market continues to experience intense foreign exchange demand.
The data shows that the current parallel-market rally is the worst since mid-December 2025, when the naira fell to N1,492/$ on 17 December 2025.
This shows that despite brief episodes of official market strength, structural pressures continue to dominate parallel market trading.
Global currency developments provide additional context for Nigeria’s FX dynamics. The U.S. dollar held gains against major currencies after President Donald Trump withdrew threats to impose tariffs on several European NATO countries.
Earlier this week, the naira slipped marginally at the official foreign exchange market, closing at N1,420.5/$ on Monday, as global dollar sentiment softened amid renewed concerns over U.S. economic and geopolitical risks.