Di Nigerian naira don record fresh decline against di US dollar for di Nigerian Foreign Exchange Market on Tuesday, April 7, 2026. Di local currency depreciate by N5.87 or 0.43% to trade at N1,386.66/$1 compared with N1,380.79/$1 for di previous session wey be Thursday last week.
Dis session na di first trading day after di local currency market close for Friday and Monday for di Easter holiday. So, as market open back, naira just dey show say e no too strong.
For di same market window, di naira also weaken against other major currencies. E lost N13.71 against di British pound to close at N1,838.57/£1, down from N1,824.86/£1. For euro side, e depreciate by N13.69 to settle at N1,605.61/€1 from N1,591.92/€1.
But wait o, story dey different for parallel market. Traders wey talk to Legit.ng say di naira slightly depreciate for dat side. One trader wey dem call Abdullahi yarn say e dey so. Meanwhile, for black market, di Naira even appreciate small to N1,404 per dollar on Tuesday from between N1,410 and N1,415 wey dem dey trade before Easter break. Abubakar Hassan, one Bureau de Change operator for Wuse Zone 4, Abuja, confirm dis one.
Now, dis mixed sentiment for country currency against dollar dey happen as external reserves don dey drop from $50 billion for March to $49.13 billion as of April 2, 2026, according to apex bank data. But make we no forget say foreign reserves still dey high pass before. As of September 11, 2025, dem don surge to $43.05 billion, up from $40.51 billion for July. Dat one give us about 8.3 months of import cover.
Analysts still dey optimistic about di currency outlook for 2026. Dem dey cite ongoing reforms by di Central Bank of Nigeria under Governor Olayemi Cardoso. Di Centre for di Promotion of Private Enterprise (CPPE) note say naira stability for first quarter of di year boost business confidence. Dem add say di currency trade within relatively stable band of N1,340 to N1,430 per dollar during dat period.
Di group attribute dis stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves wey don climb above $50 billion before. Even di second-quarter current account surplus expand to $5.28 billion, wey reflect stronger external buffers.
So wetin we go take from dis one? Naira dey dance up and down. For official market, e fall after holiday. For black market, e gain small. Reserves dey high but don drop small from March peak. Reforms dey ongoing. Market dey watch.
Do you have a news tip for NNN? Please email us at editor @ nnn.ng
