No More N1392/$1: Naira Appreciates at Black Market as CBN Data Shows Official Depreciation
- The naira appreciated slightly in the parallel market, but it depreciated against the dollar at the official NFEM window
- CBN data showed a N14 decline in the naira’s official exchange rate, as the gap between parallel and official markets narrowed
- Meanwhile, interbank foreign exchange turnover increased by 28.8 per cent to $98.8 million, as the financial market faces uncertainty
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
The Naira recorded mixed performance on Tuesday, April 28, 2026, appreciating marginally in the parallel market but weakening in the official foreign exchange window.
Data showed that the naira strengthened to N1,390 per dollar in the parallel market, improving from N1,392 per dollar recorded on Monday, Vanguard reported.
Source: Getty Images
Official rate shows depreciation
However, at the Nigerian Foreign Exchange Market (NFEM), the naira depreciated against the dollar, according to figures released by the Central Bank of Nigeria (CBN).
The data indicated that the indicative exchange rate rose to N1,383 per dollar from N1,369 per dollar on Monday, representing a N14 depreciation.
Gap between markets narrows
As a result of the contrasting movements, the gap between the parallel market and the official window narrowed significantly.
The spread reduced to N7 per dollar, down from N23 per dollar recorded a day earlier.
Meanwhile, activity in the interbank foreign exchange market recorded a notable increase. Turnover rose by 28.8 per cent to $98.8 million, up from $76.7 million previously, suggesting improved liquidity in the market.
Naira becomes Africa’s best-performing currency in 2026
Meanwhile, the Nigerian currency has emerged as Africa’s best-performing currency in 2026 despite volatility caused by the Middle East conflict.
According to a report by United Capital, the naira appreciated 6.7% against the dollar year-to-date as of April 24, 2026, relative to depreciations across major African currencies.
The report said that the Kenyan shilling dropped 0.27%, the Angolan kwanza 0.009%, the South African rand at 0.34% and the Ghanaian cedi at 5.30% during the review period.
The report cited Ayodele Akinwunmi, United Capital’s chief economist, as saying that policy reforms and improved forex supply and robust reserves have allowed the CBN to support the naira, alongside reforms that reduced volatility.
Source: Getty Images
CBN gives update on external reserves
Earlier, Legit.ng reported that the CBN disclosed that external reserves have dropped to $49.57 billion, from a recent peak of $50.02 billion recorded on March 11, 2026.
In the last seven consecutive sessions, data from the CBN shows that reserves have dropped. Provisional balance of payments data published by the CBN showed the surplus fell to $14.04 billion in 2025 from $19.03 billion in 2024, though it remained above the $6.42 billion recorded in 2023.
The services deficit widened to $14.58 billion from $13.36 billion, driven by higher payments for transport, travel, insurance, and government services. Net outflows in the primary income account surged by 60.88% to $9.09 billion, reflecting increased dividend and interest payments to foreign investors.
Source: Legit.ng
