The Nigerian naira showed relative stability against the US dollar in early trading on Thursday, April 2, 2026, extending the gains recorded at the start of the new quarter. Activity across both the official and parallel markets indicates tighter spreads and improved liquidity.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded with only slight fluctuations, averaging around ₦1,382.45 per dollar in early hours. This follows a stronger performance the previous day, when the currency appreciated by 0.58 percent to close at ₦1,378.70, compared to ₦1,386.72 at the end of March.
The steady performance is largely linked to continued interventions by the Central Bank of Nigeria, as well as recent reforms that have improved remittance inflows from Nigerians in the diaspora. These measures have helped boost dollar supply within the official market, meeting both corporate and individual demand.
In the parallel market, rates also remained stable. Across major trading hubs like Lagos, Abuja, and Kano, the dollar was sold within the ₦1,410 to ₦1,415 range. This reflects a slight strengthening of the naira, which gained about ₦5 compared to the previous day, as speculative pressure eased.
The gap between the official and parallel market rates is currently about ₦32. Although slightly wider than earlier in the week, it remains within the Central Bank’s target range as authorities continue efforts toward exchange rate unification.
Several key factors are supporting the naira’s performance. Improved liquidity from the Electronic Foreign Exchange Matching System has enhanced transparency and encouraged inflows from exporters and foreign investors. At the same time, Nigeria’s external reserves have come under mild pressure, dipping slightly below $50 billion due to debt servicing and ongoing market support.
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Monetary policy also plays a role, with the benchmark interest rate at 26.5 percent helping attract foreign portfolio investment and support the currency.
Looking ahead, analysts expect the naira to trade within a relatively stable range of ₦1,375 to ₦1,395 in the official market in the coming days. Attention will remain on sustaining liquidity levels, especially as demand typically rises in the second quarter, while global oil prices will continue to influence foreign exchange inflows into the economy.
