The Naira recorded a marginal depreciation at the official market on Tuesday, trading at N1,386.65 to the U.S. dollar, according to data from the Central Bank of Nigeria (CBN). This represents a loss of N5.86, or 0.4 percent, compared with N1,380.79 per dollar on Thursday, April 2, before the Easter break.
Earlier, the Naira had traded at N1,378.70 per dollar on April 1, reflecting a modest 0.1 percent decline. Despite the slight dip, analysts remain optimistic about the currency’s trajectory in 2026, citing ongoing reforms and interventions by the CBN to strengthen the economy.
The Centre for the Promotion of Private Enterprise (CPPE) highlighted that the Naira’s relative stability in the first quarter has helped boost business confidence. “The currency has largely traded within the N1,340 to N1,430 per dollar band, reflecting a stable market environment,” the CPPE said.
The stability is attributed to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which have surpassed the $50 billion mark. Analysts note that these factors provide a solid foundation for maintaining the Naira’s resilience in the coming months.