Naira Hits N1,362/$, Extending Gains as Dollar Weakens

The naira rose to N1,362 per US dollar on Tuesday, extending the currency’s recent gains against the greenback, according to data released by the Central Bank of Nigeria (CBN).

The CBN’s official market figures show the naira strengthening from N1,367.5/$ recorded on Monday. Intraday trading on Tuesday fluctuated between N1,362/$ and N1,370.5/$, with an average rate of N1,366.27/$. On Monday, the range was N1,362/$ to N1,374.5/$, averaging N1,365.89/$. The upward trajectory is evident on both a day‑to‑day and week‑on‑week basis, reflecting improved demand‑supply dynamics in the official market.

In the previous week, the currency closed at N1,383/$ on Tuesday, compared with N1,369/$ on Monday. The current level therefore represents a stronger position than recent sessions. The improvement comes as Nigeria’s external reserves fell to N48.36 billion as of 30 April 2026, underscoring that the appreciation is driven primarily by market factors rather than changes in foreign‑exchange holdings.

The naira’s advance coincides with broader shifts in global currency markets. The US dollar index slipped to 98.299, signalling a modest weakening of the greenback. The euro rose to $1.1714, the British pound traded at $1.35685, the Australian dollar advanced to $0.7208, and the New Zealand dollar edged up to $0.5905. The Japanese yen remained under pressure, quoted at 157.62 per dollar despite slight gains.

Analysts attribute the dollar’s retreat partly to comments from US officials indicating progress toward a potential agreement with Iran, a development that also helped lower oil prices. US crude fell by more than $2, with West Texas Intermediate trading near $100 per barrel, easing pressure on global markets.

The naira’s continued appreciation highlights the resilience of Nigeria’s official foreign‑exchange market amid a backdrop of easing geopolitical tensions and softer dollar dynamics. Market participants will likely watch upcoming CBN policy actions and external reserve trends to gauge whether the strengthening trend can be sustained.