The Nigerian Naira maintained a steady yet cautious position against the US Dollar as the market opened for trading today, Tuesday, April 28, 2026.

Financial analysts are observing localised fluctuations in liquidity across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market segments.

Official Market (NFEM) Activity

In the early trading hours of the official window, the Naira showed resilience, trading at approximately 1,360.19 NGN per 1 USD. This follows a trend of minor adjustments as the FMDQ Securities Exchange records ongoing transactions from institutional buyers and sellers. The rate has seen slight volatility since the market opened, moving from an initial 1,359.23 NGN to its current level as demand and supply forces seek a daily equilibrium.

The Central Bank of Nigeria continues to monitor the official window closely, ensuring that the transparency of the “willing buyer, willing seller” model supports price discovery while mitigating drastic shocks to the local currency.

Parallel Market Trends

The informal parallel market continues to operate at a premium, reflecting the immediate retail demand for the greenback. In major cities such as Lagos, Kano, and Port Harcourt, currency dealers are quoting the Dollar between 1,480 NGN and 1,495 NGN.

The gap between the NFEM and the parallel market remains a focal point for economic observers, as it often indicates the level of unmet demand in the official sectors. Traders in the parallel market suggest that small-scale importers and individual travelers are the primary drivers of the current activity in the informal sector this morning.

Factors Affecting Today’s Rate

Today’s market performance is being influenced by several key macroeconomic factors. Global oil prices remain a significant driver, providing the necessary foreign exchange reserves to support the Naira. Additionally, internal market liquidity is being shaped by the clearance of corporate foreign exchange backlogs and seasonal demand for international payments.

As the day progresses, participants expect the market to remain within the current range unless there is a significant intervention or a shift in global market sentiment. Stakeholders are advised to keep track of the closing rates later today to gauge the definitive performance of the Naira for the midweek trading period.

Lagos State Governor Babajide Sanwo-Olu has officially endorsed his deputy, Dr. Obafemi Hamzat, as his preferred successor for the 2027 governorship election.

The announcement was made on Monday, April 27, 2026, during a meeting at the Lagos House, Marina, where Hamzat formally declared his intention to run.

In the past few weeks, Hamzat has received widespread endorsement from political and community leaders across the state during his various consultative visits.

Recall that the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, had expressed support for Hamzat’s governorship bid.

Also, the Chief of Staff to the President, Femi Gbajabiamila; Senator representing Lagos East, Tokunbo Abiru; and former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and other stakeholders have endorsed Hamzat’s gubernatorial bid.

Details shortly…

Former Attorney General of the Federation (AGF) Abubakar Malami has formally challenged the Economic and Financial Crimes Commission (EFCC) in court, asserting that his wealth and properties were acquired through legitimate means.

In an affidavit filed on April 27, 2026, Malami urged the Federal High Court in Abuja to vacate an interim forfeiture order covering 57 properties allegedly linked to him and his family.

The order affected multiple assets said to be under investigation.

Malami, in court documents seen on Monday, pushed back strongly against the claims. He insisted that his wealth and properties were acquired legally over many years. He tied them to his career as a lawyer, as well as investments and other income sources.

“My Money Is Clean, My Properties Are Legit,” he declared while challenging the action in court.

The EFCC had argued that the properties may be linked to proceeds of crime. That position formed the basis of the interim forfeiture order granted in January 2026. But Malami said the agency failed to establish any direct connection between the assets and illegal activity.

“There is no document before the court showing these properties were acquired with proceeds of crime,” he stated.

He also accused the commission of presenting exaggerated figures for the value of the properties. According to him, assets bought for hundreds of millions of naira were portrayed as being worth billions. He said independent valuations show lower and more realistic figures.

Malami explained that his earnings came from different channels. He listed decades of legal practice, business ventures, and investments across sectors such as hospitality, agriculture, and education. He also mentioned financial support from banks and proceeds from asset sales.

“Loans from commercial banks, asset sales and other investments. Gifts and proceeds from book launches.”

He added that all his earnings were properly declared to the Code of Conduct Bureau in line with legal requirements.

Beyond the financial arguments, the former AGF accused the EFCC of going beyond its powers. He alleged that some of the properties were taken over without a final court order. He further claimed that family members were forced out of residences and personal documents were seized.

He described the actions as “extrajudicial” and a violation of due process.

The legal battle is also tied to an ongoing criminal case involving the former minister. Observers say the outcome could test the limits of the EFCC’s powers, especially in relation to asset forfeiture and compliance with the law.

Malami is asking the court to nullify the interim forfeiture order. He maintains that the properties are legitimate and have no link to any crime.

The court is expected to determine whether the assets will be permanently forfeited to the Federal Government or returned to him.