By Boluwatife Oshadiya | April 8, 2026
Key Points
- Naira depreciates to ₦1,386.65 at official market
- Interbank FX turnover falls to $48.66 million across 71 deals
- Parallel market remains stable at ₦1,410 per dollar
Main Story
The naira weakened to ₦1,386.65 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, as liquidity conditions tightened and interbank turnover declined, according to data from the Central Bank of Nigeria (CBN).
Official figures showed the currency slipping from ₦1,380.79 recorded at the close of last week. Intraday trading ranged between a high of ₦1,390 and a low of ₦1,381, reflecting persistent volatility in the FX market.
Market activity also slowed, with interbank turnover dropping to $48.66 million across 71 deals, compared to $73.90 million recorded in 87 deals the previous week. Analysts attribute the decline to reduced supply-side inflows and cautious positioning by market participants.
In the parallel market, the naira held relatively steady at ₦1,410 per dollar, narrowing the spread between official and informal markets to ₦29.21 from ₦39.42 recorded earlier.
External reserves showed mild pressure, declining by 0.53% or $260.36 million to $49.18 billion, according to CBN data.
Global oil market volatility also shaped sentiment. Brent crude briefly climbed near $110 per barrel, while U.S. WTI surged to $117.75 before retreating below $113 amid renewed optimism over possible diplomatic engagement between the United States and Iran.
What’s Being Said
“The FX market remains sensitive to liquidity conditions and external shocks, particularly oil price movements and geopolitical risk,” said a Lagos-based FX analyst at a Tier-1 bank.
“CBN interventions and moderate foreign portfolio inflows should help stabilise the naira in the short term, but pressures remain,” the analyst added.
What’s Next
- FX market participants are watching for further CBN intervention signals this week
- Oil price movements tied to Middle East developments expected to influence FX inflows
- Next reserves data update expected to provide clearer liquidity direction
The Bottom Line:
The naira’s latest depreciation underscores fragile FX liquidity conditions, with stability increasingly dependent on external inflows and central bank intervention rather than structural supply improvements.
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