Naira steadies at 1,352.25 per dollar officially as parallel market trades at 1,475, gap narrows

Nigeria’s foreign exchange market opened the final week of April with relative stability as the naira adjusted to shifting liquidity. The official window operates under the Central Bank’s “willing buyer, willing seller” model, aiming to increase transparency. Meanwhile, the parallel market remains sensitive to retail demand and speculative pressures, often trading above the official rate.

- The NAFEM rate (ticker NGN=X) stood at 1,352.25 NGN/USD, up 0.2% from the prior close. - Parallel market quotes placed the dollar at roughly 1,475 NGN/USD, down 0.1% day‑on‑day. - The spread between the two rates narrowed to about 9% from over 20% a year earlier, reflecting ongoing currency reforms. - Nigeria’s benchmark equity index (NGXASI) rose 0.4% to 58,200 points, with the banking sector’s market cap estimated at $4.2 billion. - Crude oil prices hovered near $80 per barrel, supporting foreign inflows into Nigerian fixed‑income instruments.

The narrower gap suggests that reform measures are gradually aligning official and informal rates, reducing arbitrage opportunities. Steady oil prices and sustained interest in FGN bonds have helped absorb dollar demand, while persistent needs for imports and school fees continue to exert pressure on the naira. Market participants will watch the CBN’s next monetary policy meeting and upcoming oil price data for further clues on the currency’s direction.