The Nigerian Naira depreciated against the US dollar at the official foreign exchange market on Thursday, marking a reversal from the previous day’s gains as the country approaches the Easter holidays.
According to data from the Central Bank of Nigeria, the Naira traded at N1,380.79 per dollar on Thursday, down from N1,378.70 recorded on Wednesday. This represents a decline of N2.09 in the value of the local currency against the greenback on a day-to-day basis.
In contrast, the parallel market showed a different trend, with the Naira gaining N5 to trade at N1,415 per dollar on Thursday, up from N1,420 exchanged the previous day. This divergence between official and parallel market rates continues to highlight the complexities in Nigeria’s foreign exchange system.
The latest exchange rate movements come amid ongoing concerns about Nigeria’s foreign exchange reserves, which have continued to decline. As of April 1, 2026, the country’s forex reserves stood at $49.18 billion, down from $49,848,268,355.06 recorded on March 2nd.
The currency’s performance reflects broader economic pressures facing Africa’s largest economy, including persistent dollar shortages and fluctuating oil revenues. The timing of the depreciation, ahead of a major holiday period, may have implications for import-dependent businesses and consumers planning seasonal purchases.
Market analysts suggest that the depletion of forex reserves and the gap between official and parallel market rates remain key challenges for monetary authorities as they work to stabilize the currency and manage inflationary pressures in the economy.
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