Naira strengthens to N1,342.30/$ at official market, gains N13.88 weekly
The Naira strengthened to N1,342.30 per dollar on Thursday, April 16, 2026, up from N1,343.74 on Wednesday—a N1.4 appreciation. From Monday to Thursday, the naira gained N13.88 at the official foreign exchange market. At the black market, the rate remained N1,410 per dollar, unchanged from the previous day.
This appreciation occurs despite declining external reserves, which fell to $48.69 billion as of April 14, 2026. A stronger naira can lower import costs and ease inflationary pressure, but may reduce competitiveness for exporters and lower naira value of dollar remittances.
Importers may benefit from reduced costs, while exporters and recipients of dollar inflows should consider the impact on earnings. The black market premium stands at about N67.70 per dollar, indicating ongoing parallel market activity. Monitor CBN policies and timing of forex transactions for optimal outcomes.