The Nigerian naira posted a notable recovery in April 2026, appreciating for the first time in three years during the month, as improved liquidity and reduced volatility steadied the foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed the currency closed April at ₦1,374/$, strengthening from ₦1,387/$ recorded at the end of March.
The development marks a reversal of recent trends, with the naira having weakened consistently in April since 2024, raising fresh optimism about stability in the country’s monetary environment.
Throughout the review period, the official FX market recorded relatively low volatility compared to March, when the currency briefly weakened to ₦1,425/$ before rebounding.
In contrast, April trading remained within a tighter band of ₦1,340 to ₦1,389.
The naira reached its strongest level on April 16, closing at ₦1,341.01/$, buoyed by improved foreign exchange liquidity and reduced demand pressures.
Year-on-year, the currency also showed significant recovery, strengthening from ₦1,602/$ recorded in April 2025. Analysts attribute the gains to sustained monetary tightening by the CBN, increased foreign exchange inflows from oil revenues and diaspora remittances, as well as declining speculative demand for the dollar.
Market watchers note that the shift from first-quarter volatility to April stability reflects growing confidence and improved market conditions, particularly as liquidity levels begin to normalise.
Historically, April has been a challenging period for the naira, driven by increased dollar demand from businesses restocking after the first quarter.
However, the 2026 performance suggests a possible structural shift in exchange rate management and liquidity control by the apex bank.
With continued policy discipline and improved inflows, analysts say the naira may be on course for a more stable and predictable trajectory in the months ahead.