Naira Strengthens to ₦1,342.5/$ Amid Reserve Decline

The Naira has strengthened to ₦1,342.5 per US dollar, marking an appreciation from ₦1,355.25 at the end of the previous week. The currency opened the week at ₦1,358 on Monday and strengthened to ₦1,348 on Tuesday, further appreciating to ₦1,341.99 on Wednesday and ₦1,341.01 on Thursday.

This development follows a decline in Nigeria's external reserves, which stood at $48.65 billion as of April 16, 2026, down from $48.72 billion at the start of the week and $48.81 billion at the close of the previous week. The Naira's growth reflects a notable rebound from the prior week when it traded weakly at ₦1,389, indicating a gradual recovery in the currency's value amidst improving global sentiment and a weaker US dollar.