Naira Rebounds as CBN Releases Latest Dollar, British Pound, Euro Exchange Rates
- The naira has recorded mixed performance against foreign currencies across FX markets
- The local currency also appreciated against the dollar, but weakened slightly at the GTBank forex counter
- Naira also gained against the pound, but depreciated against the euro on the official market
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian currency, the naira, delivered a mixed performance across various segments of the foreign exchange (FX) market on Wednesday, April 1.
Data showed that in the parallel market, the naira strengthened against the dollar, gaining N5 to trade at N1,405/$1, compared with N1,410/$1 recorded the previous day.
Source: Getty Images
However, it lost N1 at the GTBank forex counter to settle at N1,396/$1 compared with Tuesday’s closing rate of N1,395/$1.
Official market exchange rates
In the Nigerian Foreign Exchange Market (NAFEM) window, the naira improved against the greenback by N8.02 or 0.58% to trade at N1,378.70/$1, compared with N1,386.72/$1 recorded a day earlier.
Similarly, the naira showed mixed movements against major currencies in the spot market.
It appreciated by N2.77 against the British pound to trade at N1,836.57/£1, up from N1,839.34/£1 recorded earlier.
However, it weakened against the euro, losing N3.30 to close at N1,602.46/€1 compared with N1,599.16/€1 previously.
Data also indicated that pressure on the local currency eased slightly as interbank turnover rose sharply to N116.217 million from N30.953 million the previous day.
Meanwhile, foreign exchange reserves declined by $547 million to $49.29 billion on March 30 from $50.03 billion recorded on March 11.
Source: Getty Images
Overall, the naira opened the month on a good note against major currencies despite the challenges of the global crude oil prices and rising dollar in the global FX markets.
Reuters earlier reported that the dollar's sharp rally following US strikes on Iran is reassuring investors that the currency still functions as a global safe-haven.
CBN latest exchange rates:
- CFA: N2.43
- Yuan/Renminbi: N200.51
- Danish Krona: N214.44
- Euro: N1,602.46
- Yen: N8.70
- Riyal: N367.31
- South African Rand: N82.14
- Swiss Franc: N1,741.00
- Pounds Sterling: N1,836.57
- US Dollar: N1,378.70
- UAE Dirham: N375.32
How CBN reforms impacted Nigerian currency
Earlier, Legit.ng reported that Nigeria’s currency staged a remarkable turnaround in 2025, recording its first annual appreciation in more than a decade as sweeping reforms by the Central Bank of Nigeria (CBN) reshaped the foreign exchange market.
According to a 2026 economic outlook by investment house Comercio Partners titled “Policy Shock to Structural Reset: Charting a Sustainable Economic Path,” the naira strengthened by about 6.87 per cent against the US dollar during the year.
The gain marked the currency’s first annual rise in 13 years, signalling a shift from prolonged depreciation to renewed stability.
Source: Legit.ng
