Naira Faces Mixed Fortunes After Easter Break
The Nigerian currency experienced contrasting movements against the dollar in different segments of the foreign exchange market following the Easter holiday.
At the official market, the Naira depreciated slightly upon resumption of trading on Tuesday, April 7, 2026. Data from the Central Bank of Nigeria showed the currency weakened to N1,386.68 per dollar, down from N1,380.79 recorded on Thursday, April 3, before the break. This represents a decline of N5.89 against the greenback.
However, the parallel market painted a different picture. According to Bureau de Change operator Abubakar Hassan in Abuja’s Wuse Zone 4, the Naira appreciated to N1,404 per dollar on Tuesday, improving from the N1,410-N1,415 range traded before the Easter holidays.
These divergent trends occur against the backdrop of declining external reserves. Nigeria’s foreign reserves stood at $49.13 billion as of April 2, 2026, down from $50 billion in March. The depletion reflects ongoing pressure on the country’s foreign exchange earnings and reserves management.
The mixed performance follows a similar pattern from the previous week, when the Naira depreciated at the official market but gained ground at the parallel market. This divergence between official and unofficial exchange rates continues to highlight the challenges in Nigeria’s foreign exchange management system.
Market analysts note that the Easter break typically affects trading volumes and liquidity, potentially contributing to the observed volatility. The coming days will be crucial in determining whether these movements represent temporary fluctuations or signal broader trends in Nigeria’s currency stability.
As Nigeria navigates these forex dynamics, attention remains focused on how the Central Bank will manage the reserves and implement policies to stabilize the Naira across all market segments.
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