Naira gains to N1,342.5/$ as dollar weakens, reserves dip to $48.65B

The naira strengthened to N1,342.5 per dollar on Friday, up from N1,355.25 the previous week, according to CBN data. It opened Monday at N1,358/$ and rose daily to N1,348/$ Tuesday, N1,341.99/$ Wednesday, and N1,341.01/$ Thursday before Friday's close.

This appreciation follows a drop in Nigeria's external reserves to $48.65 billion as of April 16, down from $48.72B at week's start and $48.81B the prior week. The naira had traded as weak as N1,389/$ the previous week before recovering.

Global factors drove the rally: the dollar index fell 0.49% to 97.73 (lowest since late February) amid easing Middle East tensions over the Strait of Hormuz, reducing safe-haven demand. The euro gained 2.7% and yen strengthened against the dollar during the week.

For Nigerians, a stronger naira means cheaper imports and potential relief on inflationary pressures, though exporters may face headwinds. Will this trend hold, and how will it affect your budget for imported goods or travel plans?

SOURCE: https://www.channelstv.com/2026/04/18/naira-strengthens-to-%e2%82%a61342-5/