Naira opened the midweek story on a fragile note across Nigeria’s foreign exchange markets.
The currency closed at ₦1,423/$ at the official market and signalled short-term stability.
However, the parallel market continued to reflect mounting pressure.
Naira Holds Official Line
CBN data show how the official window absorbs demand more effectively.
At the NFEM, the naira traded at ₦1,420.5/$ on Monday.
Then it strengthened slightly to ₦1,420/$ on Tuesday.
By Wednesday, it weakened to ₦1,423/$.
Parallel Market Strain
Meanwhile, last week followed a similar trend at the official market.
The naira opened at ₦1,425/$ and strengthened gradually.
It then closed the week at ₦1,417.95/$, supported by Central Bank interventions.
In contrast, the parallel market told a different story.
The naira opened at ₦1,483/$ on Monday.
It then held steady on Tuesday.
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By Wednesday, it weakened further to ₦1,486/$.
As a result, the gap between both markets narrowed to ₦63.
This figure fell from ₦73 recorded last week.
Nevertheless, the gap remains historically wide.
Global Signals, Local Impact
Notably, the current parallel-market rally ranks as the strongest since mid-December 2025.
At that time, the naira fell to ₦1,492/$.
It then traded above ₦1,480/$ for several days.
This period highlighted recurring stress in informal FX markets.
So far in 2026, the naira opened at ₦1,428/$.
Pressure has persisted despite brief official-market stability.
Consequently, unmet demand continues to drive parallel-market weakness.
Globally, currency trends added fresh context to local movements.
The U.S. dollar held gains after leaders withdrew tariff threats.
As a result, improved sentiment calmed earlier market concerns.
In summary, Nigeria’s FX markets continue to move in different directions.
Official stability reflects ongoing policy support.
However, parallel-market pressure exposes deeper structural challenges.
Ultimately, sustained recovery will require stronger inflows and renewed investor confidence.
