The Nigerian currency recorded a marginal decline at the official foreign exchange market on Tuesday, reflecting continued fluctuations within a broadly stable range.
Data released by the Central Bank of Nigeria (CBN) showed that the naira depreciated to N1,386.65 per dollar, representing a loss of N5.86 or 0.4 per cent compared to N1,380.79 recorded before the Easter break on April 2.
The latest movement also follows a slight dip recorded earlier in the month, when the currency traded at N1,378.70 per dollar on April 1, indicating a marginal 0.1 per cent depreciation.
Despite the recent weakening, analysts maintain a cautiously optimistic outlook for the naira, pointing to ongoing monetary and foreign exchange reforms by the apex bank aimed at improving market stability.
The Centre for the Promotion of Private Enterprise (CPPE) noted that relative stability of the currency in the first quarter of 2026 has helped boost business confidence, particularly among investors navigating Nigeria’s volatile economic environment.
According to the CPPE, the naira has largely traded within a band of N1,340 to N1,430 per dollar during the period, reflecting a more predictable exchange rate trend compared to previous volatility.
The think tank attributed this stability to improved foreign exchange liquidity, supported by stronger oil earnings and a steady rise in external reserves, which have surpassed the $50 billion mark.
Economic analysts say while short-term fluctuations are expected in a liberalised foreign exchange market, the broader outlook will depend on sustained inflows, effective policy coordination, and global oil price dynamics.
The development highlights the delicate balance facing monetary authorities as they seek to stabilise the currency while supporting economic growth in an environment shaped by both domestic reforms and external pressures.
