The Nigerian naira strengthened against the US dollar on Monday at the official foreign‑exchange market, marking a modest rebound after a week of volatility.
According to data released by the Central Bank of Nigeria (CBN), the official exchange rate moved to N1,365.25 per dollar on Monday, up from N1,374.94 recorded on Thursday. The appreciation represents a gain of N9.69 against the greenback over the four‑day interval.
In contrast, the parallel or “black‑market” rate held steady at N1,395 per dollar on Monday, matching the level observed on the previous Friday. The divergence between the official and unofficial markets continues to highlight the dual‑track nature of Nigeria’s currency system.
The move comes as Nigeria’s foreign‑exchange reserves stood at $48.36 billion as of 30 April 2026, according to the CBN’s latest financial statements. The reserve balance provides a buffer for the central bank’s ongoing efforts to stabilise the naira and manage external pressures.
The recent appreciation follows a similar uptick on Thursday, when the naira gained ground against the dollar at the official market, ending the prior week on a positive note. Analysts attribute the short‑term gains to a combination of tighter monetary policy, improved inflow expectations, and the central bank’s interventions in the forex market.
Nigeria’s foreign‑exchange framework remains characterised by multiple pricing channels. While the official rate is set by the CBN and used for government transactions, imports, and certain corporate activities, the black‑market rate reflects supply‑demand dynamics among private traders and is often higher. The persistence of this gap poses challenges for monetary policy transmission and price stability.
The CBN has indicated that it will continue to monitor market developments closely and may adjust policy tools, including the interest rate and liquidity provisions, to sustain the recent gains. Maintaining a stable naira is crucial for curbing inflation, supporting investment, and preserving confidence among international partners.
Stakeholders will be watching upcoming data releases, particularly the next quarterly reserve report and any policy announcements from the central bank, to gauge whether the current appreciation signals a longer‑term trend or a brief corrective move.
