Naira Experiences Marginal Decline at Official Market Amid Mixed Currency Performance
The naira has recorded a slight depreciation against the United States dollar in the official market, just before the Easter holiday on Thursday, April 2, 2026. Data released by the Central Bank of Nigeria (CBN) and Guaranty Trust Bank (GTBank) indicates a varied performance across different currency segments, highlighting ongoing fluctuations in the foreign exchange landscape.
Official Market Sees Naira Slip Against Dollar
According to the latest figures from the CBN, the naira in the Nigerian Foreign Exchange Market (NAFEM) fell by N2.09 or 0.15%, closing at N1,380.79 per dollar. This represents a decline from the previous session's rate of N1,378.70 per dollar. However, the currency demonstrated resilience against other major currencies, appreciating by N2.77 against the British pound to N1,824.86 per pound, and gaining N10.54 against the euro to close at N1,591.92 per euro.
Parallel Market and GTBank Counter Show Stability
In contrast to the official market, the naira maintained stability in the parallel market, holding steady at N1,405 per dollar. Meanwhile, at the GTBank foreign exchange counter, the currency appreciated by N8 to N1,388 per dollar, compared to N1,396 per dollar in the prior session. This mixed performance underscores the complex dynamics at play in Nigeria's foreign exchange environment.
CBN Policy Measures Ease Pressure on Naira
Market analysts have pointed to improved policy measures by the CBN as a key factor in the relative stability of the naira. Specifically, the apex bank's recent directive for International Money Transfer Operators (IMTOs) to channel inflows through designated naira settlement accounts within the banking system has been instrumental. This move aims to enhance transparency and boost foreign exchange supply in the official market, thereby alleviating pressure on the domestic currency and improving liquidity.
Expert Insights on Exchange Rate Stability
In a statement to Legit.ng, Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), commented on the recent exchange rate movements. He noted that the naira has stabilised within a band of approximately N1,340 to N1,430 per dollar in recent months, supported by improved foreign exchange liquidity and stronger external reserves. Yusuf emphasised, "The exchange rate has shown notable stability in recent months, with the naira trading within a relatively narrow band. However, this stability remains vulnerable to external shocks, particularly geopolitical tensions and shifts in investor sentiment."
Background on Nigeria's Economic Indicators
Earlier reports indicated that Nigeria's current account surplus narrowed in 2025, dropping to $14.04 billion from $19.03 billion in 2024, though it remained above the $6.42 billion recorded in 2023. The CBN attributed this decline to rising outflows, which have weighed on the current account position. Additionally, Nigeria's foreign reserves have experienced a downward trend, moving slightly from the $50 billion level, adding to the economic pressures faced by the nation.
As markets remained closed on Friday and Monday for the Easter holiday, traders and analysts are closely monitoring developments, anticipating potential shifts in the naira's performance in the coming weeks. The interplay between policy interventions and external factors continues to shape the currency's trajectory in Nigeria's evolving economic landscape.
