The Nigerian currency, naira, showed signs of strengthening against the United States Dollar in early trading hours on Thursday, April 16, 2026, supported by increased market supply and ongoing policy interventions.
At the Nigerian Foreign Exchange Market (NFEM), the official window for currency transactions, the naira appreciated to about N1,344.20 per dollar. Early session data indicated relative stability, with the currency reaching a high of N1,343.83 before hovering around the N1,344 level.
Analysts attribute the positive movement to improved foreign exchange inflows and sustained efforts by the Central Bank of Nigeria to clear outstanding FX obligations.
In the parallel market, rates also showed a slight easing. Reports from major trading hubs such as Lagos, Abuja, and Port Harcourt indicate that the dollar traded between N1,455 and N1,480. While the informal market continues to command a premium driven by retail and small-scale demand, the gap between official and parallel rates appears to be narrowing.
Financial experts say market sentiment remains cautiously optimistic, driven by recent economic reforms aimed at stabilising the currency. However, they warn that persistent demand for foreign exchange for international education, travel, and imports could influence trends in the coming weeks.
As of 7:00 a.m. WAT, trading activity remained orderly, with market participants closely watching mid-day indicators for clearer direction on the naira’s short-term outlook.
