The Nigerian naira continued its steady rise against the United States dollar in early trading on Friday, April 3, 2026, closing out the week on a positive note. Across both the official and parallel markets, the currency showed signs of stability, supported by improved liquidity and ongoing policy measures.
At the Nigerian Foreign Exchange Market (NFEM), the naira recorded a slight gain, trading at an average of ₦1,378.26 per dollar by mid-morning. This builds on the momentum seen earlier in the week, following a previous close of ₦1,382.45. Market watchers attribute this stability to the Central Bank of Nigeria’s upgraded Electronic Foreign Exchange Matching System, which has improved transparency and reduced erratic price swings. There has also been a steady supply of foreign exchange from investors and other independent sources, helping to meet demand from businesses.
In the parallel market, the naira also held firm, with the dollar selling between ₦1,400 and ₦1,410 in major cities like Lagos, Abuja, and Kano. The gap between official and street rates remains relatively narrow, ranging from about ₦22 to ₦32. This closer alignment is seen as a positive development, as it discourages speculative trading and encourages more people to use official banking channels.
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Several key factors are supporting the naira’s current performance. Nigeria’s external reserves remain strong at around $49.5 billion, giving the Central Bank enough room to manage market pressures. At the same time, stable global oil prices—particularly for Bonny Light crude—continue to boost foreign exchange inflows. The CBN’s tight monetary policy, including higher interest rates, is also attracting foreign investors and strengthening demand for naira assets.
Looking ahead, analysts expect the naira to remain within the ₦1,375 to ₦1,390 range in the official market as the week ends. While global economic conditions and local demand will continue to influence movements, the current trend suggests a more stable and predictable environment for businesses and investors. Attention is now shifting to upcoming inflation data and future policy decisions from the Central Bank, which will likely shape the direction of the currency in the coming weeks.
