Naira Rebounds as CBN Releases Latest Dollar, British Pound, Euro Exchange Rates
The Nigerian naira delivered a mixed performance across various segments of the foreign exchange market on Wednesday, April 1, 2026, as the Central Bank of Nigeria released updated exchange rates for major currencies.
Data revealed that in the parallel market, the naira strengthened against the US dollar, gaining N5 to trade at N1,405 per dollar, compared to N1,410 per dollar recorded the previous day. However, at the GTBank forex counter, the local currency lost N1, settling at N1,396 per dollar, down from Tuesday's closing rate of N1,395 per dollar.
Official Market Exchange Rates
In the Nigerian Foreign Exchange Market window, the naira improved against the greenback by N8.02 or 0.58%, trading at N1,378.70 per dollar, up from N1,386.72 per dollar recorded a day earlier. Similarly, the naira showed mixed movements against other major currencies in the spot market.
It appreciated by N2.77 against the British pound to trade at N1,836.57 per pound, compared to N1,839.34 per pound previously. Conversely, it weakened against the euro, losing N3.30 to close at N1,602.46 per euro, down from N1,599.16 per euro.
Data also indicated that pressure on the local currency eased slightly as interbank turnover rose sharply to N116.217 million from N30.953 million the previous day. Meanwhile, foreign exchange reserves declined by $547 million to $49.29 billion on March 30 from $50.03 billion recorded on March 11.
CBN Latest Exchange Rates
The Central Bank of Nigeria released the following exchange rates for various currencies:
- CFA: N2.43
- Yuan/Renminbi: N200.51
- Danish Krona: N214.44
- Euro: N1,602.46
- Yen: N8.70
- Riyal: N367.31
- South African Rand: N82.14
- Swiss Franc: N1,741.00
- Pounds Sterling: N1,836.57
- US Dollar: N1,378.70
- UAE Dirham: N375.32
Overall, the naira opened the month on a positive note against major currencies, despite challenges from global crude oil prices and a rising dollar in international FX markets. Reuters reported that the dollar's sharp rally following US strikes on Iran reassured investors that the currency still functions as a global safe-haven.
How CBN Reforms Impacted Nigerian Currency
Earlier reports indicated that Nigeria's currency staged a remarkable turnaround in 2025, recording its first annual appreciation in more than a decade as sweeping reforms by the Central Bank of Nigeria reshaped the foreign exchange market.
According to a 2026 economic outlook by investment house Comercio Partners titled "Policy Shock to Structural Reset: Charting a Sustainable Economic Path," the naira strengthened by about 6.87% against the US dollar during the year. This gain marked the currency's first annual rise in 13 years, signalling a shift from prolonged depreciation to renewed stability.
