Nigeria’s currency, the naira, appreciated to N1,362/$ on Tuesday, extending its recent gains against the United States dollar.
Data from the Central Bank of Nigeria (CBN) showed the currency strengthened from N1,367.5/$ recorded on Monday, reflecting continued stability in the foreign exchange market.
The improvement comes amid shifting global currency trends, as the U.S. dollar weakened against major currencies following easing geopolitical tensions.
What the data is saying
CBN data indicates that the naira continued its upward trend, recording gains both on a day-to-day and week-on-week basis. The appreciation reflects improved demand-supply dynamics in the official market.
- Intraday trading on Tuesday ranged between N1,362/$ and N1,370.5/$, with an average of N1,366.27/$
- On Monday, the currency traded between N1,362/$ and N1,374.5/$, with an average of N1,365.89/$
- Last week, the currency closed on Tuesday at N1,383/$ compared to N1,369/$ on Monday
- The current level shows a stronger position compared to recent trading sessions
- External reserves declined to N48.36 billion as of April 30, 2026
The data suggests that while the naira is gaining strength, underlying pressures remain due to declining foreign reserves.
More Insights
Global currency markets showed mixed movements, with the U.S. dollar weakening amid signs of easing geopolitical tensions, particularly involving the Middle East.
- The dollar index slipped to 98.299, reflecting a slight weakening of the U.S. currency
- The euro rose to $1.1714, while the British pound traded at $1.35685
- The Australian dollar gained to $0.7208, and the New Zealand dollar rose to $0.5905
- The Japanese yen traded at 157.62 per dollar, remaining under pressure despite slight gains
The dollar’s retreat followed comments from U.S. officials indicating progress toward a potential agreement with Iran, which also contributed to a drop in oil prices.
U.S. crude oil prices fell by more than $2, with West Texas Intermediate trading near $100 per barrel, easing some pressure on global markets.
What you should know
The naira’s continued appreciation offers some short-term relief, though broader macroeconomic factors remain critical to sustaining the gains.
- Nairametrics reported earlier that Nigeria’s external reserves declined by about $731 million within the first three weeks of April 2026.
- Earlier, CBN Governor Olayemi Cardoso stated that the country’s gross external reserves climbed to $50.45 billion as of February 2026, supported by stronger oil earnings and increased foreign inflows.
Cardoso said ongoing monetary and foreign-exchange reforms are aimed at strengthening market confidence and improving liquidity.
Also, the CBN maintains an optimistic outlook for the country’s external reserves.
- The apex bank had previously projected that reserves could reach $51 billion by the end of 2026 as part of its broader macroeconomic stabilization and confidence-restoration agenda.
The CBN raised N1.92 trillion at its April OMO auction, with stop rates reaching 21.90%, reflecting continued monetary tightening and strong investor demand.
