Naira Records Fresh Decline Against US Dollar in all FX markets
- The value of the naira weakened against the US dollar in the foreign exchange market
- The naira also depreciated against the British pound and the euro amid limited forex liquidity
- The market is still adjusting after the holiday break, and experts believe the exchange rate is at a good level
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian naira recorded a fresh decline against the US dollar in the Nigerian Foreign Exchange Market on Tuesday, April 7, depreciating by N5.87 or 0.43% to trade at N1,386.66/$1 compared with N1,380.79/$1 in the previous session.
The session marked the first trading day after the local currency market was closed on Friday and Monday for the Easter holiday.
Source: Getty Images
In the same market window, the naira also weakened against other major currencies.
According to data from the Central Bank of Nigeria, the naira also lost N13.71 against the British pound to close at N1,838.57/£1, down from N1,824.86/£1, and depreciated by N13.69 against the euro to settle at N1,605.61/€1 from N1,591.92/€1.
In the parallel market, traders told Legit.ng that the naira slightly depreciated.
Abdullahi, one of the traders, said:
"I sold the dollar at a buying rate of N1,396 and a selling rate of N1,410. The euro trades at a buying rate of N1,585 and a selling rate of N1,614, while the British pound sterling goes for N1,878 on the buying side and N1,908 on the selling side.”
Expert views on naira performance
Despite the recent movements, analysts remain optimistic about the currency’s outlook in 2026, citing ongoing reforms by the CBN.
The Centre for the Promotion of Private Enterprise (CPPE) noted that naira stability in the first quarter of the year boosted business confidence, adding that the currency traded within a relatively stable band of N1,340 to N1,430 per dollar during the period, Punch reports.
The group attributed the stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which had climbed above $50 billion.
Source: Getty Images
Here are the CBN currencies’ exchange rates:
- CFA: N2.43
- Yuan/Renminbi: N202.19
- Danish Krona: N214.83
- Euro: N1,605.61
- Yen: N8.68
- Riyal: N369.25
- South African Rand: N82.17
- Swiss Franc: N1,734.19
- Pounds Sterling: N1,838.57
- US Dollar: N1,386.66
- WAUA: N1,878.41
- UAE Dirham: N377.49
Forex gap closes as speculations decline
Legit.ng earlier reported that naira continued its steady rally across markets, helped by rising foreign reserves, renewed investor confidence, and reforms implemented by the CBN under Governor Olayemi Cardoso.
Foreign reserves have surged to $43.05 billion as of September 11, 2025, up from $40.51 billion in July, providing 8.3 months of import cover.
The second-quarter current account surplus also expanded to $5.28 billion, reflecting stronger external buffers.
Source: Legit.ng
