Naira Rallies to Strongest Level in Weeks Against US Dollar
Published 12 Apr 2026 at 2:32 PM by Dave Ibemere
The Nigerian naira has appreciated significantly in the official foreign exchange market, reaching its strongest level in recent sessions. New exchange rate data from the Central Bank of Nigeria (CBN) reveals that the currency recorded steady gains, closing at N1,355.25 per US dollar on Friday, April 10, 2026.
Official Market Performance
According to the CBN's published figures, Friday's closing rate represents a notable improvement from the pre-Easter rate of N1,382.75 per dollar recorded on Thursday, April 2, 2026. The foreign exchange markets operated for four days during the week, starting on Tuesday with a closing rate of N1,389 per dollar.
The naira then appreciated to N1,369 per dollar on Wednesday, strengthened further to N1,365 per dollar on Thursday, and ultimately closed at N1,355.25 per dollar on Friday. On a year-on-year basis, the naira has shown substantial strengthening from the N1,606 per dollar rate recorded after Easter in April 2025.
Latest Exchange Rates
Here are the latest official exchange rates as published by the Central Bank of Nigeria:
- US Dollar: N1,356.89
- Pound Sterling: N1,828.82
- Euro: N1,592.58
- Yuan (Renminbi): N198.72
- Japanese Yen: N8.53
- UAE Dirham: N369.31
- Swiss Franc: N1,726.76
- South African Rand: N83.03
- WAUA: N1,878.34
- SDR: N1,856.39
- Riyal: N361.58
- Danish Krona: N213.11
- CFA: N2.45
External Reserves Decline
Despite the naira's positive performance, Nigeria's external reserves have continued to decline in April 2026. Data shows that reserves fell to $48.85 billion as of April 9, 2026, down from $49.18 billion at the start of the month.
This decline follows a period of strong accumulation earlier in the year and has raised concerns among economic analysts about the sustainability of the naira's recent gains if this trend persists. The relationship between foreign exchange reserves and currency stability remains a critical factor in Nigeria's economic outlook.
Parallel Market Activity
In the parallel market, commonly referred to as the black market, Bureau de Change operators confirmed that the value of the US dollar has also dropped. Abdullahi, one of the BDC traders, provided the latest exchange rates from this segment of the market.
According to Abdullahi, the dollar was bought at N1,391 and sold at N1,402 during the last trading session. Previously, the dollar traded at higher levels in the parallel market. Similarly, the euro buys at N1,597 and sells at N1,612, while the British pound sterling is buying at N1,850 with a selling rate of N1,865.
Abdullahi noted that "the naira is appreciating" across both official and parallel markets, indicating broader market confidence in the currency's recovery.
Central Bank Policy Direction
CBN Governor Yemi Cardoso has recently outlined plans for policy shifts in the future direction of Nigeria's apex bank. Under previous leadership, the CBN developed over 12 intervention programs, including the Anchors Borrowers Programme for farmers, the Power and Airline Intervention Fund (PAIF), and the Youth Innovative Entrepreneurship Development Programme (YIEDP).
Cardoso has emphasized the CBN's commitment to transparency and a market-driven management approach in foreign exchange policy. These developments come at a crucial time as the naira shows signs of recovery while facing challenges from declining external reserves.
The combination of improved exchange rates and ongoing policy adjustments suggests a complex economic landscape where short-term gains must be balanced against long-term sustainability concerns.
