Nigeria’s foreign exchange market showed renewed pressure as the naira weakened slightly.
According to the Central Bank of Nigeria, the currency fell to ₦1,389 per dollar on Tuesday.
Currency Slips, Reserves fall
Previously, the naira traded at ₦1,382.75 before the Easter break, showing a mild decline.
During the day, traders pushed the naira between ₦1,381 and ₦1,390 in the market.
It then closed at an average rate of ₦1,386.3, reflecting cautious trading conditions.
Meanwhile, market participants completed 71 deals, while interbank turnover reached 48.7 million.
At the same time, Nigeria lost about $850 million from external reserves within three weeks.
As a result, reserves fell to $49.18 billion between March 11 and April 2, 2026.
This drop reversed earlier gains and signalled rising demand for foreign currency.
Global Markets Shift Naira Direction
Globally, investors reacted as geopolitical tensions eased after a United States and Iran ceasefire.
Consequently, the development weakened the dollar and boosted confidence across major currencies.
For instance, the Japanese yen and euro gained about 0.7% against the dollar.
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Similarly, the British pound rose by 0.8%, while other currencies recorded gains.
In addition, the U.S. dollar index dropped to 98.943, its lowest level since mid-March.
However, the naira weakened despite this trend, showing stronger domestic pressures.
Domestic Pressure Builds
Analysts therefore linked the movement to falling reserves and tighter foreign exchange supply.
Earlier, Olayemi Cardoso said reserves reached $50.45 billion in February.
Notably, this marked the highest level in 13 years, supported by improved inflows.
However, recent declines now raise concerns about the sustainability of these gains.
Meanwhile, the OPEC+ group continues adjusting output to regain market share.
These changes could affect oil revenues, which remain Nigeria’s key foreign exchange source.
Overall, the data shows Nigeria faces renewed and gradual pressure on its external position.
