Prior to April 2, 2026, the Naira was showing signs of slight appreciation against the dollar, closing at ₦1,378.70 on April 1, 2026, after a 0.58 percent increase. This improvement was attributed to the Central Bank of Nigeria’s ongoing market interventions and recent remittance reforms aimed at stabilizing the currency.
However, on April 2, the Naira opened trading at ₦1,382.45 per dollar, marking a shift from the previous day’s gains. This change reflects the volatility in the foreign exchange market, where the Naira is also trading at ₦1,410 to ₦1,415 in the parallel market, creating a spread of approximately ₦32 between the official and parallel market rates.
The immediate effect of this fluctuation has been felt across various sectors in Nigeria. Importers, who rely heavily on foreign currency for purchasing goods, are facing increased costs, while exporters may benefit from a weaker Naira, potentially boosting their competitiveness in international markets.
As Nigeria’s external reserves dipped slightly below the $50 billion mark, currently at $49.40 billion, concerns about the sustainability of the Naira’s value have emerged. The Monetary Policy Rate (MPR) remains high at 26.5 percent, indicating the Central Bank’s efforts to control inflation and stabilize the currency.
Market analysts predict that the Naira will trade within the range of ₦1,375 to ₦1,395 in the official window in the coming days. This expectation is influenced by the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced price discovery and transparency in the market.
Experts suggest that while the recent fluctuations may pose challenges, the Central Bank’s interventions and market reforms are crucial for maintaining stability. The ongoing adjustments in the exchange rate reflect broader economic conditions and the need for continuous monitoring of external factors affecting Nigeria’s currency.
In summary, the dollar to Naira exchange rate has experienced notable changes, impacting various stakeholders in Nigeria’s economy. The interplay between official and parallel market rates continues to shape the financial landscape, as the Central Bank navigates these challenges.