See what is Dollar to Naira exchange rate today, April 28, 2026

The Nigerian Naira kept its stable and conservative position vis-à-vis the US Dollar with the beginning of trade in the market on Tuesday, April 28, 2026.

The analysts have noted that there were some localized instances of fluctuation in liquidity in both the NFEM as well as the parallel market environment.

The official market (NFEM) activity

During the initial trading session of the day, the Naira exhibited strength by trading within the official window at about 1,360.19 NGN per 1 USD. This is in tandem with the previous pattern of small changes as the FMDQ Securities Exchange experiences trades between buyers and sellers. The currency rate has fluctuated slightly since opening at 1,359.23 NGN due to the interplay of demand and supply trying to achieve daily stability.

The Central Bank of Nigeria keeps a watchful eye on the official window for price discovery to take place without causing any shocks to the domestic currency.

The parallel market and it’s Trends

The informal parallel market continues to run at a premium rate, considering the immediate need for the dollar among retailers. According to dealers who have quoted their rates on the dollar in cities like Lagos, Kano, and Port Harcourt, the rate for the dollar today is 1,480 NGN up to 1,495 NGN.

The difference between the NFEM and the parallel market becomes a significant area of focus for any analyst, since it usually signifies the unmet demand in the formal markets. Parallel market traders state that the main contributors in the informal market today are small importers and travelers.

See the factors affecting today’s rate

The current market performance has been affected by several important macroeconomic variables. Oil prices globally have continued to be an important factor, as they contribute to the availability of foreign exchange reserve needed for the sustenance of the Naira. At the same time, local market liquidity continues to be driven by the clearing up of foreign exchange arrears of the corporations.

For the remainder of the day, participants anticipate that the market will remain within the existing ranges barring any important development. It is advised that the closing price levels should be monitored to determine the performance of the Naira during the midweek trading day.

(Vanguard)