By Boluwatife Oshadiya | April 14, 2026
Key Points
- Naira appreciates to ₦1,356/$ at official market
- Interbank FX turnover rises to $114.89 million
- FX inflows drop sharply to $571.8 million
Main Story
The Nigerian naira strengthened to ₦1,356 per dollar at the official foreign exchange market as improved liquidity and increased interbank activity supported the currency.
Data from the Central Bank of Nigeria showed that intraday trading ranged between ₦1,354.50 and ₦1,362.50 per dollar, reflecting stronger supply conditions within the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Interbank turnover rose significantly to $114.89 million across 141 deals, up from $71.16 million recorded in the previous session. The appreciation extends last week’s gains, when the naira strengthened by 1.76% at the official window.
The parallel market also recorded gains, with the currency closing at ₦1,390 per dollar. However, the spread between official and parallel rates widened slightly to ₦33.11.
Despite the positive movement, FX inflows into the official window declined sharply to $571.8 million from $1.06 billion in the previous week, indicating tighter supply conditions.
Foreign portfolio investors remained the dominant source of FX supply, contributing $282.2 million, while the CBN accounted for $103.2 million. Other contributors included exporters, corporates, and individual inflows.
Nigeria’s external reserves also declined to $448.85 billion, reflecting ongoing central bank interventions in the FX market.
The Issues (Optional)
The naira’s appreciation comes amid persistent structural FX challenges, including reliance on portfolio inflows and declining reserve buffers. Analysts note that while short-term liquidity has improved, underlying supply constraints remain unresolved.
What’s Being Said
“The naira’s recent strength is largely liquidity-driven, not structural, and may prove difficult to sustain without consistent FX inflows,” said an economist at a Lagos-based research firm.
“The decline in weekly inflows highlights ongoing pressure on supply, especially as global financial conditions remain tight,” the economist added.
What’s Next
- Continued CBN intervention likely to support FX stability
- Market reaction to global oil price movements and capital flows
- Monitoring of FX inflows trend in coming weeks
The Bottom Line: The naira’s rebound reflects improved liquidity conditions, but weakening inflows and reserve pressures suggest the gains may be fragile.
