Naira maintains narrow trading range as parallel market sellers hold Dollar at 1408

The Naira remains stable on April 8, 2026, as black market sellers hold the Dollar at 1408, while the CBN official rate trades between 1381 and 1390.

By: AXL Media

Published: Apr 8, 2026, 3:50 AM EDT

Source: Information for this report was sourced from Naija News

Parallel Market Stability Amidst Regulatory Scrutiny

The informal foreign exchange market in Lagos maintained a steady pace on Wednesday, with Bureau De Change operators holding the Dollar selling rate at 1408 Naira. Buying rates in the parallel market were observed at 1392 Naira, marking a continuation of the pricing trends seen in the preceding 24 hours. Despite the Central Bank of Nigeria's persistent directives for citizens to utilize official banking channels for all foreign exchange transactions, the parallel market remains a primary point of liquidity for many retail buyers and small scale importers.

Official CBN Valuation and Market Fluctuations

The Central Bank of Nigeria reported a tighter trading window for the Naira, with official rates oscillating between a low of 1381 and a high of 1390 per Dollar. This marginal fluctuation suggests a period of relative calm in the official window, as the apex bank attempts to manage liquidity and stabilize the national currency against external economic pressures. The narrow range between the highest and lowest official rates indicates a high level of central oversight intended to prevent the drastic volatility seen in previous fiscal quarters.

The Persistence of the Exchange Rate Gap

A discernible gap remains between the official CBN rates and the prices quoted in the parallel market, commonly referred to as the black market. With the official high at 1390 and the parallel market selling at 1408, the spread continues to influence the behavior of market participants. Financial analysts note that while the gap has narrowed compared to historical highs, the existence of any premium in the informal sector often indicates underlying demand that is not being fully met by the commercial banking system.