Naira depreciates by 0.4% at official market

The Naira on Tuesday recorded a slight depreciation at the official market, trading at N1,386.65 to the dollar.

Data published on the Central Bank of Nigeria (CBN) showed that the Naira lost N5.86, representing a 0.4 per cent decline compared with N1,380.79 per dollar recorded on Thursday, April 2, before the Easter break.

The Naira had traded at N1,378.70 per dollars on April 1, indicating a marginal depreciation of 0.1 per cent.

However, with the recent movement, analysts remained optimistic about the outlook of the currency in 2026, citing ongoing reforms by the apex bank.

The Centre for the Promotion of Private Enterprise (CPPE) said Naira stability in the first quarter of the year boosted business confidence.

According to the CPPE, the currency remains relatively stable during the period, trading within the N1,340 to N1,430 per dollar band.

It attributed the stability to improved foreign exchange liquidity, stronger oil earnings, and rising external reserves, which had climbed above 50 billion dollars.