April 16, (THEWILL) — The naira continued its upward momentum on Wednesday, closing at N1,341.99/$ at the official market its strongest level since February 18, 2026, when it traded at N1,340/$.
Data from the Central Bank of Nigeria (CBN) shows a steady appreciation in the local currency over the week, rising from N1,358/$ on Monday to N1,348/$ on Tuesday before strengthening further midweek.
This marks a notable improvement in short-term investor confidence despite lingering macroeconomic uncertainties.
On a week-on-week basis, the naira also posted gains, climbing from N1,369/$ recorded on April 8, 2026.
The consistent upward trend signals a degree of stability returning to the official foreign exchange market after earlier volatility.
Analysts attribute the rally to improved market sentiment and external factors supporting emerging market currencies. The U.S. dollar has remained relatively weak, hovering near recent lows, which typically boosts currencies like the naira.
Additionally, investor optimism has been lifted by expectations of renewed diplomatic engagement between the United States and Iran, with hopes of easing geopolitical tensions enhancing global risk appetite.
However, Nigeria’s external reserves showed a slight decline, dropping to $48.72 billion as of April 13, 2026, from $49.18 billion at the beginning of the month.
This dip highlights ongoing pressures in the country’s external position even as the currency strengthens.
Overall, the naira’s recent performance reflects a short-term recovery, offering cautious optimism for sustained stability if supportive conditions persist.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
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