Dollar to Naira Exchange Rate Today, April 28, 2026: Latest Black Market and Official Rate Update in Nigeria

The Nigerian foreign exchange market opened on Tuesday, April 28, 2026, with the Naira showing relative stability against the US Dollar, although analysts continue to monitor slight fluctuations driven by market liquidity and demand pressures.

Across both the official and parallel markets, the local currency is maintaining a cautious balance as traders and investors respond to ongoing economic signals within Nigeria and the global financial environment.

In the official window of the Nigerian Foreign Exchange Market, the Naira traded at approximately ₦1,360.19 per US Dollar during early trading hours. This reflects minor movements from an opening rate of around ₦1,359.23, indicating a modest adjustment as supply and demand dynamics continue to shape pricing.

Data from the FMDQ Securities Exchange shows steady participation from institutional players, with transactions contributing to gradual price discovery under the current market framework.

The Central Bank of Nigeria continues to oversee the official market, ensuring that the “willing buyer, willing seller” model promotes transparency while helping to reduce excessive volatility in the exchange rate.

Despite this relative stability in the official segment, the parallel market remains significantly higher, reflecting strong retail demand for foreign currency.

In major commercial centres such as Lagos, Kano, and Port Harcourt, the Dollar is currently being exchanged between ₦1,480 and ₦1,495. This gap between the official and black market rates continues to highlight unmet demand within the formal forex system.

Market operators attribute the sustained pressure in the parallel market to increased demand from small business owners, importers, and individuals requiring foreign exchange for travel and international payments.

Several macroeconomic factors are influencing today’s exchange rate movement. Global crude oil prices remain a critical determinant, as Nigeria’s foreign exchange earnings are heavily tied to oil exports. Stable oil prices typically support the Naira by boosting external reserves.

At the same time, domestic liquidity conditions are playing a key role. Ongoing efforts to clear foreign exchange backlogs, along with seasonal demand for international transactions, are affecting how the currency performs in both markets.

Financial experts expect the Naira to trade within the current range throughout the day unless there is a significant policy intervention or a sudden shift in global market sentiment.

For businesses, investors, and individuals tracking exchange rates for transactions, it is advisable to monitor closing rates later in the day to get a clearer picture of the market’s overall direction.

As Nigeria continues to navigate forex challenges, the gap between official and parallel markets remains a critical indicator of economic pressure points and potential policy adjustments in the near term.