By BizWatch Nigeria, FX Desk | April 16, 2026
Key Points
- Naira closes at ₦1,343/$ in official market, showing marginal gain
- Interbank FX turnover declines to $114.35 million amid subdued demand
- Parallel market rate strengthens to ₦1,370/$, narrowing spread
Main Story
The naira traded largely stable at the Nigerian Foreign Exchange Market (NFEM), closing at ₦1,343 per dollar on Wednesday, according to official data published by the Central Bank of Nigeria.
Intraday trading saw the currency fluctuate between ₦1,341.99 and ₦1,350 per dollar, reflecting relatively balanced demand and supply conditions. The marginal appreciation from ₦1,343.7658 to ₦1,343.7409 signals continued exchange rate stability.
Market turnover declined to $114.35 million from $141.32 million in the previous session, indicating reduced demand for foreign exchange across the interbank window.
External reserves have slipped below $49 billion after previously crossing the $50 billion mark — the highest level since 2009 — largely due to sustained FX interventions by the apex bank to stabilise the currency.
In the parallel market, the naira strengthened to ₦1,370 per dollar from ₦1,375, further narrowing the spread between official and unofficial markets to below 8%, a significant improvement compared to historical levels.
Analysts attribute the recent stability to ongoing FX reforms, including the deployment of the Electronic Foreign Exchange Matching System (EFEMS), powered by Bloomberg’s BMatch technology, which enhances transparency and reduces arbitrage opportunities.
What’s Being Said
“The relative stability in the naira reflects improved FX liquidity and reduced speculative demand,” said an FX analyst at a Lagos-based investment firm.
“The narrowing spread between official and parallel markets suggests reforms are gaining traction, particularly with improved price discovery mechanisms,” an economist noted.
What’s Next
- Naira projected to trend towards ₦1,300/$ by year-end if reforms persist
- Continued CBN intervention expected to support FX stability
- Oil price movements remain a key external driver of FX inflows
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