The Nigerian Naira recorded a modest gain against the United States Dollar in early trading on Thursday, April 16, 2026, reflecting improved market conditions and policy-driven support.

At the Nigerian Foreign Exchange Market (NFEM), the official trading window, the Naira opened stronger at about N1,344.20 per Dollar. Early session data showed the currency holding steady within a narrow range, reaching a high of N1,343.83 before stabilising around the N1,344 level. Analysts attribute this improvement to increased foreign exchange inflows and continued efforts by the Central Bank of Nigeria to address outstanding forex demands.

In the parallel market, also known as the black market, the Dollar traded between N1,455 and N1,480, according to reports from currency dealers in key cities such as Lagos, Abuja, and Port Harcourt. Although demand remains higher in this segment due to retail and small-scale transactions, the gap between official and parallel market rates appears to be narrowing compared to earlier in the week.

Market observers say the current outlook is cautiously optimistic, supported by recent economic reforms aimed at stabilising the Naira. However, they note that sustained demand for foreign currency — driven by international travel, education, and import activities — could influence exchange rate movements in the coming days.

As of 7:00 a.m. WAT, trading remained stable, with market participants watching for further direction from the mid-day fixing to gauge the short-term trend of the currency.