Naira Records Fresh Decline Against US Dollar in All FX Markets
The Nigerian naira experienced a fresh decline against the US dollar in the Nigerian Foreign Exchange Market on Tuesday, April 7, 2026, depreciating by N5.87 or 0.43% to trade at N1,386.66 per dollar, compared with N1,380.79 per dollar in the previous session. This session marked the first trading day after the local currency market was closed on Friday and Monday for the Easter holiday, with the market still adjusting to post-break conditions.
Naira Weakens Against Other Major Currencies
In the same market window, the naira also weakened against other major currencies. It lost N13.71 against the British pound to close at N1,838.57 per pound, down from N1,824.86 per pound, and depreciated by N13.69 against the euro to settle at N1,605.61 per euro from N1,591.92 per euro. This broad decline occurred amid limited forex liquidity, which has been a persistent challenge in the Nigerian economy.
Parallel Market Also Sees Depreciation
In the parallel market, traders reported that the naira slightly depreciated as well. Abdullahi, one of the traders, provided specific rates: "I sold the dollar at a buying rate of N1,396 and a selling rate of N1,410. The euro trades at a buying rate of N1,585 and a selling rate of N1,614, while the British pound sterling goes for N1,878 on the buying side and N1,908 on the selling side." This indicates that the depreciation was not isolated to the official market but affected informal trading channels too.
Expert Views on Naira Performance
Despite the recent movements, analysts remain optimistic about the currency’s outlook in 2026, citing ongoing reforms by the Central Bank of Nigeria. The Centre for the Promotion of Private Enterprise noted that naira stability in the first quarter of the year boosted business confidence, adding that the currency traded within a relatively stable band of N1,340 to N1,430 per dollar during that period.
The group attributed this stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which had climbed above $50 billion. Experts believe that the exchange rate is currently at a good level, and the market is expected to stabilize further as reforms take effect.
Central Bank of Nigeria Exchange Rates
Here are the CBN’s official exchange rates for various currencies as of the trading session:
- CFA: N2.43
- Yuan/Renminbi: N202.19
- Danish Krona: N214.83
- Euro: N1,605.61
- Yen: N8.68
- Riyal: N369.25
- South African Rand: N82.17
- Swiss Franc: N1,734.19
- Pounds Sterling: N1,838.57
- US Dollar: N1,386.66
- WAUA: N1,878.41
- UAE Dirham: N377.49
Forex Gap Closes as Speculations Decline
Earlier reports indicated that the naira had continued its steady rally across markets, helped by rising foreign reserves, renewed investor confidence, and reforms implemented by the CBN under Governor Olayemi Cardoso. Foreign reserves have surged to $43.05 billion as of September 11, 2025, up from $40.51 billion in July, providing 8.3 months of import cover.
The second-quarter current account surplus also expanded to $5.28 billion, reflecting stronger external buffers. These factors have contributed to a closing of the forex gap and a decline in speculations, although recent holiday-related adjustments have caused temporary fluctuations.
This article is based on reports from Legit.ng and other financial sources, providing an in-depth analysis of the naira’s performance in the foreign exchange markets.
