The Central Bank of Nigeria (CBN) has reported a
steady appreciation of the naira against the U.S. dollar during the week.
According to data from the apex bank, the naira opened
at ?1,358/$ on Monday and strengthened to ?1,348/$ on Tuesday. The upward trend
continued midweek, with the currency closing at ?1,341.99/$ on Wednesday and
?1,341.01/$ on Thursday.
This improvement comes despite a slight decline in
Nigeria’s external reserves, which dropped to $48.65 billion as of April 16,
2026, from $48.72 billion earlier in the week and $48.81 billion the previous
week.
The recent gains mark a recovery from the prior week,
when the naira weakened to around ?1,389/$ before rebounding.
Analysts attribute the currency’s strengthening partly
to global market developments, particularly a softer U.S. dollar. The dollar
index fell by 0.49% to 97.73—its lowest level since late February—amid easing
geopolitical tensions in the Middle East.
Reduced uncertainty, including assurances around
uninterrupted shipping through key global routes, lowered demand for safe-haven
assets like the dollar, providing support for emerging market currencies such
as the naira.
Over the same period, other major currencies also
gained ground, with the euro rising by 2.7% and the Japanese yen strengthening
against the dollar.
The trend highlights how both domestic monetary
conditions and global financial shifts continue to influence the performance of
Nigeria’s currency.
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