Chinedu Obieze
The Naira recorded its first gain against the United States Dollar on Wednesday, 1st April 2026, at the official foreign exchange market, ending a two-day streak of depreciation. Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to N1,378.70 per dollar, up from N1,386.72 traded on Tuesday, representing a day-to-day gain of N8.02.
At the parallel black market, the Naira also strengthened slightly, dropping to N1,420 per dollar on Wednesday from N1,425 the previous day.
Analysts suggest that the appreciation, though modest, signals a temporary stabilization amid broader pressures on the economy, including sustained depletion of foreign reserves. The CBN reported that Nigeria’s reserves fell to $49.29 billion as of 30th March 2026, down from $49.85 billion recorded on 2nd March.
Economists warn that while the Naira’s daily gains offer some relief for businesses and importers, the overall decline in reserves could continue to weigh on the currency in the coming months, particularly as global demand for dollars remains high.
“The Naira’s appreciation is a welcome short-term relief, but without sustained measures to rebuild reserves and support foreign exchange liquidity, the local currency remains vulnerable,” said a market strategist.
The development underscores the importance of monitoring forex interventions by the CBN and fiscal policies by the government to ensure the stability of the Naira as Nigeria approaches the second quarter of 2026.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.