The Nigerian naira continued its upward trend against the United States dollar on Tuesday, gaining ground at the official market despite ongoing concerns over 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, up from N1,356.89 recorded the previous day. This represents a marginal but positive gain of 73 kobo in a single trading session.
The appreciation came even as Nigeria’s foreign reserves declined slightly, falling to $48.72 billion as of April 13, 2026, from $48.81 billion recorded over the weekend. The drop underscores the persistent pressure on the country’s external reserves amid fluctuating global oil prices and other macroeconomic challenges.
At the parallel market, however, the naira remained unchanged at N1,410 per dollar on Tuesday, matching Monday’s rate. The stability in the unofficial market suggests a divergence between 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 mix 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. Still, 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 barometer of investor confidence and the effectiveness of monetary policy in supporting economic recovery.
