Naira Surges in One Day Gain as FX Liquidity Booms: Now 7th Best-Performing Currency Globally
- The naira strengthened to ₦1,359.32 per US dollar amid improved foreign exchange liquidity from the CBN
- Parallel market sees naira rise to ₦1,380 per dollar as confidence in the currency grows
- Nigeria's foreign reserves dip below $50 billion despite the naira's recent gains
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira delivered another impressive performance on Thursday, April 9, 2026, climbing sharply as the Central Bank of Nigeria (CBN) reported significantly improved foreign exchange liquidity.
At the Nigerian Foreign Exchange Market (NFEM), the official rate strengthened to ₦1,359.32 per US dollar.
Source: Getty Images
Intraday spot rates traded in a much tighter band between ₦1,351.50 and ₦1,365, a clear improvement from the previous day’s wider range of ₦1,363 to ₦1,388.
The tighter spread signals reduced volatility and stronger market confidence.
Interbank turnover rose to ₦71.156 million across 115 deals, indicating that customer demand for foreign currency payments eased slightly.
With more dollars available and less panic buying, the naira finally caught its breath after months of pressure.
Parallel market joins the rally
According to MarketForces Africa, the positive momentum wasn’t limited to the official window. In the parallel market, the naira appreciated to ₦1,380 per dollar, showing broad-based buying interest across both segments.
Traders and businesses alike appear to be warming up to the local currency as liquidity conditions improve.
Reserves dip below $50 billion
Despite the currency’s gains, Nigeria’s foreign reserves continued their recent decline. Gross external reserves settled at $48.89 billion on Thursday, slipping below the $50 billion psychological mark for the first time since early 2025.
The reserves had briefly surpassed $50 billion — their highest level since 2009 — before the latest pullback.
Global oil and gold prices provide tailwinds
Rising global commodity prices offered additional support. Brent crude rose 2.36% to hover around $96.99 per barrel, while West Texas Intermediate (WTI) jumped 5.02% to $99.15 per barrel.
Oil prices had pared earlier gains after Israel announced plans for direct talks with Lebanon, but still closed the day higher.
Gold also advanced, with spot prices gaining 1.23% to $4,773.51 per ounce and U.S. gold futures up 0.37% at $4,794.84 per ounce. A softer U.S. dollar and cautious investor sentiment ahead of key U.S. inflation data helped lift the precious metal.
Naira ranked among world’s top performers
According to data compiled by Visual Capitalist and covering economies with a GDP of at least $250 billion, the naira now ranks seventh among the world’s best-performing currencies against the US dollar.
The latest surge marks a significant turnaround for Africa’s largest economy and underscores the impact of the CBN’s recent liquidity-boosting measures.
Analysts say sustained improvements in FX supply, combined with steady oil revenues, could help the naira maintain its momentum in the coming weeks.
Source: Getty Images
For ordinary Nigerians, the strengthening currency offers welcome relief at fuel pumps, supermarkets, and in everyday transactions.
CBN, GTBank announce new exchange rates
Legit.ng earlier reported that the naira has weakened marginally against the United States dollar at the official market before the Easter holiday on Thursday, April 2.
Data from the Central Bank of Nigeria (CBN) and Guaranty Trust Bank (GTBank) showed mixed performance across currency segments.
According to the CBN data, the naira in the Nigerian Foreign Exchange Market (NAFEM) slipped by N2.09 or 0.15% to close at N1,380.79/$1, compared with N1,378.70/$1 recorded in the previous session.
Source: Legit.ng
