The naira strengthened against the US dollar in April 2026, closing at N1,374/$ compared with N1,387/$ at the end of March, according to data from the Central Bank of Nigeria.
This marks the first time since 2024 that the currency has recorded an appreciation in the month of April, signalling improved stability in the foreign exchange market and a gradual return of investor confidence.
Trading in the official market remained relatively stable throughout the month, with the naira moving within a narrow band of N1,340 to N1,389. Reduced volatility and improved liquidity conditions helped contain intermittent demand pressures.
On a month-on-month basis, the currency gained N13, while year-on-year it appreciated significantly from N1,602/$ recorded on April 30, 2025.
Market data shows the naira maintained a steady recovery trajectory after coming under pressure in March. The currency had weakened to N1,425/$ during that period before rebounding to close at N1,387/$.
April opened at N1,376/$ and, after a brief dip, entered a gradual appreciation trend. Its strongest level during the month was N1,341.01/$, recorded on April 16.
Analysts attribute the improved performance to stronger foreign exchange inflows, including diaspora remittances and oil receipts, as well as reduced speculative demand for dollars. Ongoing monetary tightening by the CBN and efforts to boost FX liquidity also helped anchor market expectations.
The apex bank has also maintained restrictions on Bureau De Change (BDC) operators’ access to the official market, citing the need to curb abuses and strengthen oversight.
Despite recent gains, questions remain over the sustainability of the trend. The CBN, however, has expressed optimism, projecting external reserves could rise to $51 billion by the end of 2026 as part of its broader macroeconomic stabilisation agenda.
Economists say the naira’s appreciation could help ease inflationary pressures, lower import costs, and improve investor sentiment, although sustained reforms and consistent inflows will be critical to maintaining stability.
