Economy
See Exchange Rate As Naira Appreciates In Parallel Market
Naira appreciated against the United States dollar in both the official and parallel foreign exchange markets on Tuesday following the decision of the Central Bank of Nigeria, CBN, to cut its interest rate for the first time in five years.
The apex bank reduced the rate by 50 basis points to 27 percent, a move that immediately had a positive effect on the money market.
Data released by the CBN showed that the Naira closed stronger at ₦1,487.37 per dollar compared to ₦1,488.60 recorded on Monday.
This indicates that the Nigerian currency gained ₦1.23 within a single trading day, reflecting improved confidence in the economy.
The appreciation was also felt in the black market, where the Naira firmed up by ₦2, trading at ₦1,520 per dollar on Tuesday, an improvement from ₦1,522 the previous day.
This development came after the local currency had recorded a slight decline at the start of the week, raising concerns among traders and investors.
The quick rebound has been attributed largely to the CBN’s interest rate cut, which analysts describe as a timely intervention aimed at stimulating growth while consolidating gains made in stabilising the foreign exchange market.
Speaking on the decision, the Governor of the Central Bank, Olayemi Cardoso, said the Monetary Policy Committee carefully reviewed prevailing conditions in the economy before opting for the reduction.
He explained that the move was backed by several positive indicators that pointed to stability.
According to him, the MPC expressed satisfaction with the improvements recorded in disinflation, output growth, exchange rate stability, and external reserves.
He added that the committee believed the time was right to ease rates to encourage further economic activities and enhance liquidity across the markets.
The CBN’s move has also coincided with a steady rise in Nigeria’s foreign reserves, which climbed to $42.13 billion as of September 22, up from $42.03 billion just a day earlier.
The increase in reserves has been seen as a source of confidence for both local and foreign investors, suggesting that the country is in a stronger position to meet external obligations and defend the Naira against undue pressure.
Economic observers note that the combination of a stronger reserve base and a more flexible interest rate policy could support stability in the medium term, provided that other structural issues within the economy are addressed.
Market watchers believe that the latest developments send a clear signal of cautious optimism.
While the Naira’s gains may appear modest on the surface, the symbolic importance of the CBN’s action and the resulting market response indicate that Nigeria’s monetary authorities are prepared to support growth while safeguarding stability.
Traders, businesses, and households alike will be watching closely in the coming days to see if the positive momentum continues and whether the Naira can sustain its strength in the face of domestic and global economic pressures.
The Black Market Dollar-to-Naira Exchange Rate for 20th April 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 20th April 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1390 on Monday 20th April, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1390
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1348
Lowest Rate ₦1340
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
The Central Bank of Nigeria (CBN) in collaboration with the Financial Markets Dealers Association (FMDA) has introduced the Nigerian Overnight Financing Rate (NOFR).
The new initiative is a standardized benchmark, aimed at enhancing transparency, strengthening monetary policy transmission, and deepening Nigeria’s money market.
The introduction of the NOFR was made known in a statement issued on Sunday by the Director, Corporate Communications of the CBN, Mrs. Hakama Sidi Ali.
The apex bank explained that the NOFR was developed to align Nigeria with global best practices in short-term interest
rate benchmarks.
Moreover, it said the initiative is expected to improve price discovery and transparency, while promoting consistent pricing of money market instruments.
“It will enhance the effectiveness of monetary policy, support financial innovation, boost investor confidence, and strengthen risk management across the financial system,” the CBN said.
The introduction of NOFR positions Nigeria alongside leading global benchmarks such as SOFR in the United States, SONIA in the United Kingdom, €STR in the Eurozone, and TONA in Japan.
Also, it complements African benchmarks such as the JIBAR in South Africa.
The CBN added that the benchmark was adopted after a stakeholder engagement session held on February 27, 2026, with market participants formally endorsing the initiative.
It further disclosed that following the subsequent regulatory approval, NOFR is now in use, with the CBN serving as the benchmark administrator.
“The bank will ensure governance, transparency, and regular publication of the rate,” the statement stated.
The Nigerian naira depreciated slightly against the United States (US) dollar, trading at N1,343.6398 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Friday, 17th April, 2026.
According to the data on the CBN’s official platform, the naira traded at the Nigerian Foreign Exchange Market (NFEM) rate of N1,343.6398/$per dollar and closed at N1,342.5000 per dollar.
When compared with the previous trading rate, the Nigerian currency traded at N1342.3037 on 16th April, 2026. With this, the Nigerian currency depreciated slightly by a minimum of N1.3.
At the parallel market, the naira-to-dollar exchange rate for the buying rate didn’t change while the selling rate increased by N3 when compared to that of the previous trading rate.
According to Aboki FX , the Naira-to-dollar exchange rate at the black market on Friday, 17th April, 2026, was N1,395 and N1,405 per dollar for buying and selling rate respectively.
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