By Damilare Adeleye
Nigeria’s exchange rate dynamics reflected a mix of mild stability and persistent pressure on Tuesday, as the naira closed at N1,380.71 per dollar at the Nigerian Foreign Exchange Market (NFEM).
According to official figures for April 28, 2026, the currency traded within a band of N1,367.50 to N1,385.00 during the session, before settling at a closing rate of N1,383.
The simple average rate stood at N1,380.20, broadly aligning with the official NFEM fixing, which is derived from a volume-weighted average.
Market activity remained relatively firm, with total interbank turnover hitting $98.83 million across 78 deals, signalling sustained liquidity in the official window despite ongoing volatility.
A review of recent trading sessions indicates a gradual weakening trend. The naira had closed at N1,364.24/$ on April 27 and N1,358.44/$ on April 24, suggesting a steady depreciation over the past few days.
This trajectory underscores lingering demand pressures in the foreign exchange market, even as authorities continue efforts to stabilise supply.
Data across major currencies show the naira weakening in parallel segments of the market.
The British pound sterling traded at a central rate of N1,862.59 and sold at N1,863.26. The euro stood at N1,614.43 (central) and N1,615.01 (selling).
The US dollar recorded a central rate of N1,380.21, with a selling rate of N1,380.71. The Swiss franc and SDR were priced at N1,747.54 and N1,895.55, respectively, at the central rate.
Other currencies such as the UAE dirham (N375.75) and Chinese yuan (N201.81) also reflected elevated naira conversion levels.
The data highlights continued fragility in the naira’s position amid structural FX demand, import obligations, and capital flow uncertainties.