The Nigerian Naira showed renewed strength against the United States Dollar in early trading on Thursday April 16 2026 supported by increased foreign exce supply and ongoing policy efforts aimed at ilizing the currency market.
At the Nigerian Foreign Exce Market the official window for currency transactions the Naira opened on a positive note trading at about N1344.20 per Dollar. Early session data indicated a steady performance with the currency reaching a high of N1343.83 before settling close to the N1344 level.
Market analysts attribute this appreciation to stronger foreign currency inflows and sustained interventions by the Central Bank of Nigeria to address outstanding foreign exce obligations.
Activity in the parallel market also reflected a mild easing of pressure on the local currency. Reports from currency traders in key commercial centers such as Lagos Abuja and Port Harcourt show that the Dollar is currently excing between N1455 and N1480. Although the parallel market continues to command higher rates due to retail demand and informal transactions the spread between official and unofficial rates appears to be narrowing compared to earlier in the week.
Economic observers note that market sentiment remains cautiously optimistic driven by recent fiscal and monetary reforms designed to boost investor confidence and improve liquidity. However demand for foreign exce linked to international education travel and import activities continues to pose a potential challenge in the near term.
As of 700 AM WAT trading remains le with investors and market participants watching closely for further direction ahead of the mid day rate fixing which could provide clearer insight into the short term outlook for the Naira.
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