The Nigerian naira strengthened to N1,348 per US dollar at the official foreign exchange market around mid-April 2026.
According to reports from that period, the local currency closed at N1,348/$ on Tuesday (around April 14–15), improving from N1,358/$ the previous day and N1,355.25/$ at the end of the prior week.
This appreciation occurred as the US dollar weakened to a six-week low globally.The movement was linked to shifting sentiment around US-Iran tensions. Earlier escalation in the Middle East (involving the US, Israel, and Iran) had supported higher oil prices and safe-haven demand for the dollar.
Signals of potential de-escalation, diplomatic talks, or a fragile ceasefire helped ease risk aversion, weakening the dollar and aiding emerging market currencies like the naira.
The dollar index fell notably during this time, while oil prices also moderated after earlier spikes. The naira extended gains in following sessions, reaching around N1,341.99/$ by Wednesday, marking its strongest level since mid-February 2026.
Note that exchange rates fluctuate daily, and parallel market rates often differed. External reserves faced some pressure despite the currency gains, and broader stability depends on sustained FX inflows, oil output, and policy measures.
This reflects market conditions reported in mid-April 2026 amid the evolving geopolitical situation between the US and Iran. For the most current rates, refer to official CBN data or reliable financial sources.
Source: Nairametrics
