Naira gain against dollar continues as currency appreciates to ₦1,365.24 amid CBN efforts to stabilise Nigeria’s forex market

The Nigerian naira recorded a positive gain against the United States dollar at the official foreign exchange market on Monday, appreciating to ₦1,365.24, according to data released by the Central Bank of Nigeria.

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The latest figure reflects an improvement of ₦9.69 from the ₦1,374.94 rate recorded on Thursday, April 30, representing a 0.7 per cent week-on-week appreciation.

The naira gain against dollar performance signals a modest recovery following months of volatility that have placed sustained pressure on the local currency.

Analysts say the development aligns with ongoing efforts by monetary authorities to stabilise the foreign exchange market and restore investor confidence.

Nigeria’s forex market has faced persistent challenges in recent years, driven by high import demand, declining foreign reserves, and broader global economic uncertainty.

Despite these pressures, the official exchange window is widely regarded as a key barometer of macroeconomic stability, and recent movements suggest a gradual strengthening trend.

A firmer naira could provide relief from imported inflation, particularly in sectors heavily dependent on foreign exchange such as fuel, pharmaceuticals, and essential consumer goods.

While the improvement is notable, market watchers caution that sustained stability will depend on consistent policy implementation and improved foreign currency inflows.

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The naira gain against dollar trend remains part of a broader pattern of fluctuations that have characterised the currency’s performance in 2026, underscoring the fragile but evolving nature of Nigeria’s exchange rate landscape.