Naira Slips To N1,383/$ As FX Pressure Mounts, Reserves Fall Further

The naira fell to N1,383/$ as FX pressure persisted and Nigeria’s external reserves declined further.

The naira extended its decline on Tuesday, closing at N1,383 per US dollar, as renewed pressure in the foreign exchange market coincided with a further dip in Nigeria’s external reserves, according to data from the Central Bank of Nigeria (CBN).

The latest depreciation reflects continued volatility in the FX market, coming against the backdrop of a stronger US dollar globally and sustained demand pressures domestically.

CBN figures show the naira fell from N1,369/$ on Monday to N1,383/$ on Tuesday, extending its recent losing streak.

During intraday trading, the currency fluctuated between N1,367.5/$ and N1,385/$, with a simple average rate of N1,380.19/$ recorded across transactions.

Tuesday’s close marks the weakest level since April 7, 2026, when the naira traded at N1,389/$, highlighting a renewed phase of pressure in the currency market.

On a week-on-week basis, the naira also weakened significantly, compared with last Tuesday’s close of N1,350.99/$.

Pressure in the foreign exchange market has been mirrored by a further drawdown in Nigeria’s external reserves.

CBN data indicates that reserves fell to $48.38 billion as of April 27, 2026, down from $48.51 billion on April 21, 2026, representing a decline of about $124 million within one week.

The movement suggests continued foreign exchange interventions by the CBN as well as ongoing external obligations payments, both of which have contributed to the gradual depletion of buffers used to stabilise the naira.

In the broader global market, the US dollar remained firm as investors awaited a Federal Reserve policy decision, with expectations that interest rates will remain unchanged.

The dollar index held steady around 98.57, supported by safe-haven demand amid persistent geopolitical tensions in the Middle East.

Elsewhere, the euro and British pound traded within relatively narrow ranges, while the Japanese yen remained under pressure near the psychologically significant 160 level.

Nigeria’s foreign exchange market has continued to face strain in recent weeks, despite intermittent stabilisation efforts by monetary authorities.

Persistent import demand, constrained FX inflows, and ongoing reserve drawdowns have combined to keep the naira under pressure.

The country’s external reserves, which serve as a key buffer for currency stability and FX interventions, have recorded intermittent declines throughout April, raising concerns about the sustainability of current market support measures if inflow conditions do not improve.