Naira to US Dollar conversion for April 29, 2026

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The Nigerian naira maintained relative stability against the United States dollar on Wednesday, April 29, 2026, across both the official and parallel foreign exchange markets, amid persistent demand pressures and cautious trading sentiment.

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At the Nigerian Foreign Exchange Market (NFEM), which serves as the official window, the naira traded around ₦1,360 per dollar in early trading, reflecting only slight movements from the previous session. Recent data showed the currency hovering near ₦1,360.19/$, indicating marginal day-to-day fluctuations as market forces seek balance.

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This performance aligns with the broader trend observed in recent sessions, where the naira has remained within the mid-₦1,350 to ₦1,360 range, supported by ongoing interventions and moderated demand at the official window.

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In the parallel market, also known as the black market, the naira continued to trade at a weaker rate due to higher demand for foreign currency outside official channels. Rates were reported in the range of about ₦1,400 to ₦1,480 per dollar, depending on location and transaction volumes.

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The gap between the official and parallel market rates persists, driven largely by unmet dollar demand from importers, travellers, and individuals who face limited access to foreign exchange through formal banking systems.

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Analysts say the current trend reflects a delicate balance in the foreign exchange market, with the official segment showing relative stability while the informal market continues to absorb excess demand.

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Overall, the naira’s performance on April 29 suggests continued resilience at the official window, even as pressure remains in the parallel market segment.

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