Naira Rallies to Strongest Level in Weeks Against US Dollar
- ,The naira appreciated in the official market, marking its strongest level in recent sessions
- New exchange rate data from the CBN shows the currency recorded steady gains
- Nigeria’s external reserves declined in April, raising concerns about the sustainability
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 currency, the naira, appreciated against the United States dollar in the official foreign exchange market, reaching N1,355.25/$ on Friday, April 10.
Data published by the Central Bank of Nigeria (CBN) showed that Friday’s closing rate, which is its strongest level in recent sessions, represents an improvement from the pre-Easter rate of N1,382.75/$ recorded on Thursday, April 2, 2026.
Source: Getty Images
The foriegn exchange markets was opened for 4 days and started the week on Tuesday with a closing rate of N1,389/$, before appreciating to N1,369/$ on Wednesday.
It further strengthened to N1,365/$ on Thursday and closed at N1,355.25/$ on Friday.
On a year-on-year basis, the naira has strengthened significantly from N1,606/$ recorded after Easter in April 2025.
Here are the latest rates as published by CBN
- UAE Dirham: N369.31
- WAUA: N1,878.34
- US Dollar: N1,356.89
- Pound Sterling: N1,828.82
- Swiss Franc: N1,726.76
- SDR: N1,856.39
- South African Rand: N83.03
- Riyal: N361.58
- Japanese Yen: N8.53
- Euro: N1,592.58
- Danish Krona: N213.11
- Yuan (Renminbi): N198.72
- CFA: N2.45
FX reserves
Nigeria’s external reserves have continued to decline in April.
Data showed reserves fell to $48.85 billion as of April 9, 2026, from $49.18 billion at the start of the month.
The decline follows a period of strong accumulation earlier in the year and has raised concerns about the sustainability of the naira’s recent gains if the trend persists.
Source: Getty Images
Naira in the black market
In the parrerl market also known as the black market, Legit.ng spoke to several Bureau de Change operators, who confirmed that the value of the dollar dropped.
Abudullahi, one of the BDC traders gave the latest exchange rates as follow:
“We bought the dollar at the last trading at the rate is N1,391, while the selling exchange rate is N1,402. Previously, the dollar traded at higher levels.
Similarly, the euro buys at N1,597 and sells at N1,612. The British pound sterling is buying at N1,850, with a selling rate of N1,865. The naira is appreciating."
Yemi Cardoso unveils his plans
Legit.ng earlier reported that Cardoso promised a policy shift in the future direction of the apex bank.
Under Emefiele, the CBN developed over 12 intervention Programmes. They include the Anchors Borrowers Programme for farmers, the Power and Airline Intervention Fund (PAIF), and the Youth Innovative Entrepreneurship Development Programme (YIEDP).
, also spoke on the CBN's foreign exchange policy plans, promising transparency and a market-driven management approach.
Source: Legit.ng
