By Boluwatife Oshadiya | April 22, 2026
KEY POINTS
- Naira depreciates to around ₦1,350/$ at official market
- Parallel market weakens further to ₦1,375/$
- FX outflows continue to outweigh inflows
- External reserves fall below $49bn
- CBN maintains intervention amid slowing FX support
MAIN STORY
The Nigerian naira continued its downward trend on Tuesday, weakening to approximately ₦1,350 per dollar at the official foreign exchange market, as sustained foreign exchange (FX) demand pressures weighed on the currency.
Market data from the Central Bank of Nigeria (CBN) showed the spot rate fluctuating between ₦1,345 and ₦1,357 during trading sessions, supported by interbank liquidity of about N91.866 million across 106 deals on the Nigerian Foreign Exchange Market (NFEM).
Despite ongoing interventions by the apex bank to stabilise the naira, traders observed a noticeable slowdown in FX injections, reflecting a relatively stable but fragile market environment.
In the parallel market, the naira depreciated further to around ₦1,375/$, widening the gap between official and informal exchange rates and highlighting persistent structural inefficiencies in FX supply.
On the external reserves front, Nigeria’s gross reserves slipped below the $49 billion mark, driven largely by debt servicing obligations and sustained FX interventions aimed at market stabilisation.
WHAT’S BEING SAID
Market analysts note that FX outflows continue to exceed inflows, placing pressure on the naira despite intermittent CBN support.
A recent outlook from Coronation Merchant Bank suggests the naira may maintain relative stability in the near term, supported by improved FX liquidity at the official window and continued foreign portfolio inflows.
WHAT’S NEXT
- CBN expected to maintain selective FX interventions
- Market watchers anticipate continued volatility in parallel market rates
- External reserves trajectory will remain a key macroeconomic indicator
BOTTOM LINE
The naira remains under sustained pressure, with structural FX imbalances and external reserve depletion continuing to shape near-term currency performance.
