GistReel

The Nigerian Naira held steady against the United States Dollar in early trading on Thursday, April 2, 2026, exchanging at about ₦1,382.45/$1 in the official market, as it sustained gains recorded at the start of the new quarter.

Activity across both official and parallel markets points to tighter spreads and better liquidity conditions.

At the Nigerian Foreign Exchange Market (NFEM), the local currency showed only slight movements during the morning session.

Data indicated that the Naira traded around an average of ₦1,382.45 per Dollar. This comes after a positive close on Wednesday, April 1, when the currency appreciated by 0.58 percent to ₦1,378.70, compared to ₦1,386.72 at the end of March.

Analysts link the current stability to continued interventions by the Central Bank of Nigeria (CBN) and the impact of recent remittance reforms.

These changes have improved the inflow of foreign currency from Nigerians abroad into the formal banking system, helping to meet demand from businesses and individuals.

Parallel market reflects calm trend

The parallel market, commonly known as the black market, also showed signs of stability.

Traders across major cities, including Lagos, Abuja, and Kano, quoted the Dollar between ₦1,410 and ₦1,415.

This reflects a slight gain for the Naira, which strengthened by about ₦5 compared to the previous day’s rate.

The gap between the official and parallel market rates is now around ₦32. Although slightly higher than the ₦29 seen earlier in the week, it remains within the range targeted by monetary authorities as part of efforts to unify exchange rates.

Key factors supporting the Naira

Several economic drivers continue to influence the Naira’s performance:

Improved liquidity remains a major factor, supported by the CBN’s Electronic Foreign Exchange Matching System (EFEMS).

The platform has increased transparency and encouraged inflows from exporters and foreign investors.

Nigeria’s external reserves, however, have experienced mild pressure. Recent figures show reserves dipping slightly below $50 billion, largely due to debt repayments and ongoing support for the currency.

Interest rate policy is also playing a role. With the Monetary Policy Rate standing at 26.5 percent, the CBN’s tight stance continues to attract foreign portfolio investors, helping to stabilise the Naira.

Outlook for the coming weeks

Market analysts expect the Naira to trade within a narrow range of ₦1,375 to ₦1,395 in the official window in the near term.

Attention will remain on whether liquidity levels can be sustained as demand from businesses increases in the second quarter.

There is also strong focus on global oil prices, as revenue from crude exports remains Nigeria’s main source of foreign exchange and a key support for the local currency.



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