The Naira strengthened at the opening of Thursday’s session in the Nigerian Foreign Exchange Market (NFEM), trading at approximately N1,344.20 to the US Dollar. Real-time data recorded at 7:00 AM WAT showed the currency maintaining a steady range, peaking at N1,343.83 before settling close to the N1,344 mark.
Market analysts linked the appreciation to improved foreign currency inflows and the Central Bank of Nigeria’s ongoing efforts to address outstanding foreign exchange obligations. The CBN’s consistent clearing of backlog FX demands has helped boost liquidity and restore some stability in the market.
Financial experts noted that current market sentiment remains cautiously optimistic, supported by recent economic reforms aimed at strengthening the local currency. However, they warned that sustained demand for the US Dollar for purposes such as international education, travel, and seasonal imports could continue to exert pressure on the Naira in the weeks ahead.
The performance of the Naira in the interbank market is being closely watched as part of broader efforts to stabilise Nigeria’s foreign exchange system. With the month progressing, traders and investors are monitoring both official and parallel market rates for signs of sustained recovery or renewed volatility.
The post “Dollar to Naira Exchange Rate Today, April 16, 2026” first appeared on Channels Television.
