By By Elizabeth Ugbo
The Central Bank of Nigeria (CBN) and foreign exchange traders in Nigeria recorded a stable Naira on Monday, April 6, 2026, across official and parallel markets in Lagos, Abuja, and Kano. The Naira traded steadily against the US Dollar due to liquidity reforms, high interest rates, and improved FX inflows, as investors reacted to strong oil earnings and remittance support. The market maintained balance because the CBN sustained tight monetary policy, strengthened reserves, and improved transparency through EFEMS.
Official Market Performance (NFEM)
The Nigerian Foreign Exchange Market (NFEM) opened with mild movement. The Naira traded at ₦1,377.80 per Dollar in early sessions.
This marked a slight gain from ₦1,380.79 recorded last week. The currency showed resilience as trading volume stayed strong.
EFEMS supported price discovery and improved transparency. As a result, rates remained close to ₦1,380.
Parallel Market Stability
In the parallel market, traders quoted the Dollar between ₦1,405 and ₦1,415 for selling.
Lagos, Abuja, and Kano traders confirmed stable demand and supply conditions. The gap between official and parallel markets stayed near ₦32.
However, quarterly demand pressure slightly widened spreads earlier in the month. Still, improved Bureau De Change integration reduced sharp volatility.
Key Economic Drivers Supporting the Naira
Several macroeconomic factors shaped the current exchange rate trend.
1. Foreign Reserves Growth
Nigeria’s reserves rose near $49.29 billion. Analysts expect a possible rise toward $51.04 billion. Oil revenue and foreign inflows drive this growth.
2. Tight Monetary Policy
The CBN maintained a 26.5% interest rate. This policy attracts foreign investors and reduces inflation pressure.
3. Strong FX Inflows
Remittance reforms improved diaspora inflows. Consequently, banks now receive more steady dollar supply.
4. Oil Revenue Support
Bonny Light crude traded near $103 per barrel. This supports stronger foreign exchange earnings.
Market Outlook for the Naira
Market analysts expect the Naira to trade between ₦1,370 and ₦1,390 in the official window.
However, sustained stability depends on continued FX inflows and reserve growth. In addition, investor confidence will shape short-term movement.
Traders will also watch for new CBN policy signals. Any adjustment could further narrow the gap between market segments.
Conclusion
The Naira shows early-week stability across Nigeria’s FX markets. Improved liquidity, strong reserves, and policy tightening continue to support the currency. Still, sustained performance depends on global oil trends and ongoing reforms.
