The Nigerian Naira maintained relative stability against the US Dollar in early trading on Thursday, April 2, 2026, extending gains from the first trading day of the new quarter. Market activity across both official and parallel segments reflects narrow spreads and improved liquidity.
At the Nigerian Foreign Exchange Market (NFEM), the Naira opened with marginal fluctuations, trading at an average of ₦1,382.45 per Dollar. This follows a 0.58% appreciation on Wednesday, April 1, when it closed at ₦1,378.70, up from ₦1,386.72 at the end of March. The stability is largely attributed to the Central Bank of Nigeria’s (CBN) sustained market interventions and recent remittance reforms, which have streamlined diaspora inflows into the formal banking system, ensuring a steady supply of Dollars for corporate and retail demand.
In the parallel market, traders in Lagos, Abuja, and Kano quoted the Dollar at ₦1,410–₦1,415 for selling, reflecting a slight strengthening from ₦1,415 the previous day. The spread between official and parallel rates stands at approximately ₦32, slightly wider than the ₦29 recorded earlier in the week, but still within the CBN’s target corridor for a unified exchange rate system.
The Naira’s performance is influenced by several macroeconomic factors. The CBN’s Electronic Foreign Exchange Matching System (EFEMS) continues to enhance transparency and price discovery, attracting inflows from exporters and foreign investors. Nigeria’s external reserves remain under moderate pressure, recently dipping slightly below $50 billion due to debt servicing and market support operations. Meanwhile, with the Monetary Policy Rate (MPR) at 26.5%, the CBN’s hawkish stance continues to support foreign portfolio inflows, bolstering the Naira against external shocks.
Analysts expect the Naira to trade within a range of ₦1,375 to ₦1,395 in the official market this week. Market watchers will monitor the sustainability of recent liquidity gains and corporate demand for Q2, while global oil prices remain a key driver of foreign exchange inflows.
