Naira Gains Marginally Against Dollar Amid Reserve Drop

In April 2026, the Naira recorded a marginal gain against the US dollar, closing at N1,374 per dollar, up from N1,387 at the end of March. This performance marked a rare positive trend for the Naira, which had previously closed weaker in the same month the previous year.

The Central Bank of Nigeria (CBN) reported that total foreign exchange turnover rose to $10 billion in April, a slight increase from $9.92 billion in March, with a 28.61% rise in the number of trades. The interbank segment saw a 29.82% increase in deals.

Despite the Naira's appreciation, Nigeria's external reserves fell by $810 million, or 1.65%, to $48.37 billion by April 29. The CBN Governor dismissed concerns over the decline, attributing it to normal market dynamics and emphasizing that Nigeria's reserve position remains strong, covering 13 months of imports.

The CBN aims to enhance remittance flows to $1 billion monthly by year-end.