Naira slips to N1,355 against the dollar as external reserves dip slightly.
The Nigerian naira is facing a fresh wave of pressure this week. After a period of relative calm, the currency weakened to N1,355 per dollar on Thursday. This is a drop from the N1,348 recorded just twenty-four hours earlier.
As an editor, I see this as a reminder of how sensitive our markets remain. The official data from the Central Bank of Nigeria (CBN) confirms this downward trend. During the day, trading fluctuated between N1,350 and N1,355.8. The volume of interbank deals reached forty-six, showing active demand for the greenback. While we have seen better days this month, the market is currently searching for a new floor.
A marginal decline in reserves and the impact on market intervention
Our external reserves have also declined slightly. The figures dropped to $48.48 billion from the $48.54 billion we started the week with. While the dip is marginal, it sends a signal to the market. Smaller reserves often mean the CBN has less room to intervene frequently.
However, CBN Governor Olayemi Cardoso has urged Nigerians not to panic. He believes these minor fluctuations are often overinterpreted by the public. The governor remains confident in the long-term stabilization strategy. In fact, the central bank projects that reserves could hit $51 billion by year-end. This optimism is based on improved oil production and steady foreign inflows.
Global geopolitical tensions driving safe-haven dollar demand
It is not just a local story; global events are playing a huge role. Geopolitical tensions between the United States and Iran are back in the headlines. This uncertainty has pushed global investors toward the US dollar as a “safe haven.
When international peace negotiations stall, emerging market currencies usually suffer. The dollar index has gained significantly this week, hitting nearly 98.82 points.
This global trend is affecting the Euro, the British Pound, and the Japanese Yen. Even strong emerging currencies like the Indian Rupee are recording losses. Nigeria is simply part of a broader global shift toward the security of the dollar.
Navigating the road ahead for Nigerian businesses and investors
For many Nigerian businesses, this volatility makes planning a bit difficult. We are seeing a complex interplay of local demand and global shocks.
Higher oil prices should ideally support our foreign exchange inflows. But these gains are currently being offset by global market uncertainties. We must watch the $48 billion reserve mark very closely in the coming days.
If the naira breaks past the current N1,355 resistance, we might see more depreciation. However, the structural reforms in the banking sector are still in place.
Most analysts believe the naira will stabilize once the global dust settles. For now, cautious monitoring remains the best strategy for everyone.
Naira weakens to N1355 April 2026.
Nigeria’s Foreign Exchange Market Analysis This video provides context on the historical volatility of the Naira and explains the relationship between external reserves and currency stability, which helps clarify why the recent dip in reserves is affecting the exchange rate.
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