The Naira strengthened against the US Dollar on Wednesday, April 1, 2026, marking its first appreciation in the official foreign exchange market that week. According to Central Bank of Nigeria data, the currency traded at N1,378.70 to the dollar, up from N1,386.72 the previous day, reflecting a gain of N8.02. This follows two consecutive days of depreciation. In parallel, the black market rate declined to N1,420 per dollar from N1,425 on Tuesday. The improvement comes as Nigeria's foreign reserves fell to $49.29 billion on March 30, 2026, down from $49.85 billion recorded on March 2, 2026, based on CBN figures.
A gain of N8 in a single day is barely a blip in the context of the Naira's recent volatility. The drop in foreign reserves by over $560 million in under a month shows underlying pressure remains intense. This minor rebound does not signal a turnaround, especially with the black market still pricing in risk above the official rate. For Nigerians, the real cost of foreign exchange instability continues.
