Naira Depreciates to N1,380.79 at Official Market as Forex Reserves Fall
On Thursday, April 2, 2026, the Naira returned to depreciation at the official foreign exchange market, slipping to ₦1,380.79 per dollar from ₦1,378.70 on Wednesday—a daily loss of ₦2.09. This reverses Wednesday's trend when the Naira had gained officially. Meanwhile, at the black market, the Naira strengthened by ₦5 to ₦1,415 per dollar from ₦1,420 the previous day.
The Central Bank of Nigeria's data underpins the official rate, while black market rates reflect informal trading. Nigeria's foreign exchange reserves dropped to $49.18 billion as of April 1, 2026, down from $49,848,268,355.06 recorded on March 2, 2026. This depletion limits the CBN's capacity to defend the Naira and raises concerns about further depreciation.
For everyday Nigerians, a weaker official rate hikes costs for imported goods—from food to electronics—and could fuel inflation. Businesses relying on dollar-denominated imports face squeezed margins. The black market's gain may offer short-term relief but isn't representative of formal transaction rates.
With Easter holidays increasing forex demand for travel, will you purchase dollars now to hedge against potential drops, or hold off hoping for CBN policy support? How might this impact your personal finances or business operations if import costs rise further?