At the official foreign exchange market, the naira closed Wednesday’s session at N1,423 per dollar, indicating a mixed performance this week even as strong pressure persists in the parallel market, where the currency weakened to N1,486 per dollar.
Figures from the Nigerian foreign exchange market indicate the naira traded at N1,420.5 on Monday, edged to N1,420 on Tuesday, then declined to N1,423 on Wednesday. On both Monday and Tuesday, the parallel market stayed at N1,483, then by midweek it dropped somewhat to N1,486, showing continuing unmet demand beyond the official window.
Although the difference between the two markets has reduced to N63 from N73 last week, The News Chronicle notes that the spread is still significant and suggests structural limitations within Nigeria’s FX system. Among the most severe since mid-December 2025, when the naira exchanged around N1,492 per dollar, analysts remark on the parallel market volatility, emphasising continuous strain in the informal economy.
At the same time, bigger worldwide currency swings affected opinion as the US dollar stabilised against its major rivals following the reduction of tariff fears in Europe. Market observers contend that sustained naira recovery will most probably call for greater FX inflows, greater investor confidence, and less reliance on the street market for dollar supply.
