Naira drops 0.4% in value at official exchange rate

The Naira's value slipped slightly on Tuesday at the official market, with the exchange rate standing at N1,386.65 to the dollar.

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According to data from the Central Bank of Nigeria, the Naira experienced a decline of N5.86, which translates to a 0.4 per cent drop from the N1,380.79 per dollar recorded on Thursday, April 2, before the Easter break.

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The Naira had previously traded at N1,378.70 per dollar on April 1, marking a marginal depreciation of 0.1 per cent.

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Despite this recent movement, analysts remain upbeat about the Naira's prospects in 2026, citing the ongoing reforms implemented by the Central Bank of Nigeria.

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The Centre for the Promotion of Private Enterprise noted that the stability of the Naira in the first quarter of the year contributed to a boost in business confidence.

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According to the CPPE, the currency remained relatively stable during this period, fluctuating within the N1,340 to N1,430 per dollar range.

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The CPPE attributed this stability to factors such as improved foreign exchange liquidity, increased oil earnings, and rising external reserves, which have now surpassed 50 billion dollars.