Naira gains₦8 against dollar in official market despite black market rise
The Nigerian Naira appreciated to ₦1,378.70 per US dollar in the official foreign exchange market on Wednesday, April 1, 2026, strengthening by ₦8.02 from Tuesday's rate of ₦1,386.72. This marks the currency's first gain this week after two days of depreciation. However, in the parallel (black) market, the naira weakened slightly, trading at ₦1,420 per dollar—₦5 higher than the previous day's ₦1,425. This divergence highlights ongoing pressure on the currency. The Central Bank of Nigeria's data also shows foreign reserves fell to $49.29 billion as of March 30, down from $49.85 billion on March 2, indicating reduced dollar supply.
This mixed movement suggests CBN's interventions are supporting the official rate, while the black market reflects persistent dollar scarcity. The ₦41.30 gap between official and black market rates means the real cost of dollars for many businesses and individuals remains higher. With reserves declining, the sustainability of the official rate appreciation is uncertain.
How has the gap between official and black market exchange rates affected your personal or business transactions recently? Are you accessing dollars at the official rate, or relying on the parallel market despite the premium?