Market News

The Nigerian naira opened the new trading week on a firm note, recording a significant gain against the U.S. dollar at the official foreign exchange market.

According to data released by the Central Bank of Nigeria (CBN), the local currency appreciated to N1,365.24 per dollar on Monday, marking a gain of N9.69 from the N1,374.94 rate recorded on Thursday, April 30.

This represents a 0.7 per cent week-on-week improvement.

The positive movement comes amid ongoing efforts by monetary authorities to stabilise the exchange rate following months of volatility.

Nigeria’s foreign exchange market has experienced considerable pressure in recent years due to import demand, dwindling foreign reserves, and global economic uncertainties.

However, the latest figures suggest a measure of stability at the official window, which is often seen as a key indicator of broader macroeconomic health.

A stronger naira is expected to ease some imported inflation pressures, particularly on fuel, pharmaceuticals, and other essential commodities that heavily rely on foreign exchange.

This appreciation is the latest in a series of fluctuations that have defined the naira’s performance in 2026.