The Nigerian naira continued its upward trend against the United States dollar on Tuesday, gaining ground in the official market despite ongoing concerns regarding the country’s foreign reserves. According to data from the Central Bank of Nigeria (CBN), the local currency strengthened to N1,356.16 per dollar, an improvement from the N1,356.89 recorded the previous day. This represents a marginal but positive gain of 73 kobo in a single trading session. The appreciation occurred even as Nigeria’s foreign reserves experienced a slight decline, falling to $48.72 billion as of April 13, 2026, down from $48.81 billion recorded over the weekend. This drop highlights the persistent pressure on the country’s external reserves amid fluctuating global oil prices and other macroeconomic challenges.
In the parallel market, however, the naira remained unchanged at N1,410 per dollar on Tuesday, matching Monday’s rate. This stability in the unofficial market suggests a divergence between the official and parallel exchange rates, a trend that has characterized Nigeria’s foreign exchange landscape in recent months. Market analysts note that the naira’s modest appreciation at the official window reflects ongoing efforts by the CBN to stabilize the currency through a combination of policy interventions and improved dollar inflows. However, they caution that sustained gains will depend on broader economic reforms, increased foreign investment, and a rebound in foreign reserves.
The past two trading days have seen the naira edge slightly higher against the dollar, offering a glimmer of stability in a currency market that has been volatile in recent years. Nonetheless, experts warn that structural challenges, including low oil revenues and limited foreign exchange supply, continue to pose risks to long-term currency stability. As Nigeria navigates these economic headwinds, the performance of the naira remains a key indicator of investor confidence and the effectiveness of monetary policy in supporting economic recovery.
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