Nigeria’s currency market opened on a cautiously positive note on Wednesday, April 8, 2026, as the naira recorded slight appreciation against the dollar at the official window.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira trading at ₦1,382.04 per dollar, reflecting a modest gain from the earlier rate of ₦1,383.34 at the start of trading.
Despite the improvement, trading remained volatile.
The naira briefly weakened during the session, hitting a high of ₦1,383.50 before rebounding to its current level.
Analysts say the marginal appreciation may be linked to recent liquidity measures and possible interventions by the Central Bank of Nigeria (CBN), which appear to be providing some level of stability in the market.
However, external pressures, including fluctuating global oil prices and sustained demand for foreign exchange, continue to pose risks to the currency’s outlook.
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Meanwhile, the parallel market painted a different picture, reflecting stronger demand for the dollar.
In major trading hubs such as Lagos and Abuja, bureau de change operators quoted rates between ₦1,410 and ₦1,425 per dollar.
The persistent gap between the official and parallel market rates remains a key concern for economic watchers, as it could further drive inflation and increase the cost of goods and services.
Market participants are now closely monitoring potential policy actions from the CBN in the coming days.
While the naira has shown signs of resilience at the official window, continued pressure from the parallel market may influence its overall trajectory.
For now, businesses, travelers, and investors are advised to remain cautious, as late trading dynamics and foreign exchange supply could still determine the final closing rate for the day.
