FX Market Update: Naira Strengthens Against Pound, Euro, Dollar
- These are not good times for speculators hoarding naira as the dollar continues to struggle
- Naira recorded slight gains against the pound sterling and euro, appreciating to N1,822.92/£1
- Data shows that Interbank FX turnover declined, while external reserves fell below $49 billion
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 in the official market was closed flat against the United States dollar in the foreign exchange (FX) market on Wednesday, April 15.
According to the Central Bank of Nigeria(CBN), the naira traded at N1,343.74/$1 on Wednesday, the same rate as the previous day.
Source: Getty Images
However, the naira posted marginal gains against other major currencies.
It appreciated by N1.65 against the British pound to close at N1,822.92/£1, compared to N1,824.57/£1 recorded previously. Similarly, the naira strengthened against the euro by 43 kobo to N1,585.08/€1 from N1,585.51/€1.
Data from the CBN showed that interbank FX turnover declined to N114.347 million, down from N141.315 million in the previous session, indicating reduced trading activity among market participants.
Dollar crashes in the black market
In the unofficial market, the dollar crashed below N1,400, indicating the market is getting less patronage from persons in need of dollars.
Abudulahhi, a BDC trader, told Legit.ng
“I dropped my selling rate on Wednesday to N1,398/$1, from N1,388/$1 earlier, while the pound sterling moved to N1,865/£1 from N1,850/£1, and the euro traded at N1,615/€1 from N1,600/€1.”
Source: Getty Images
Reserves drop
Nigeria's reserves are dropping as CBN continues its defence of the naira, and it is now below $49 billion.
The reserves had earlier climbed above the $50 billion mark, the highest level since 2009, before declining due to sustained FX interventions by the central bank aimed at supporting the currency.
Market watchers expect the naira to remain relatively stable in the near term, provided FX supply conditions and policy interventions are maintained.
CBN latest exchange rates
- CFA: N2.42
- Yuan/Renminbi: N196.99
- Danish Krona: N212.09
- Euro: N1,585.08
- Yen: N8.45
- Riyal: N358.16
- South African Rand: N82.07
- SDR: N1,847.38
- Swiss Franc: N1,719.44
- Pounds Sterling: N1,822.92
- US Dollar: N1,343.74
- WAUA: N1,846.78
- UAE Dirham: N365.82
Expert predicts new naira to dollar exchange rate in 2026
Legit.ng earlier reported that the naira is projected to trade between N1,350 and N1,450 per US dollar in 2026.
Yemi Kale, Chief Economist at the Africa Export-Import Bank (Afreximbank), projected while delivering the keynote address at the FirstBank Nigeria Economic Outlook 2026.
Kale outlined scenario-based forecasts for the USD/NGN exchange rate, taking into account oil prices, foreign-exchange (FX) inflows, inflation trends, and policy consistency.
Under a baseline scenario, Kale expects the naira to remain under pressure but avoid a sharp collapse.
Source: Legit.ng
