Naira gains against Dollar, trades at ₦1,380.75

The Nigerian Naira has kicked off the month of April recording a marginal gain against the US Dollar in the official foreign exchange market on Thursday, April 2.

Data from the Central Bank of Nigeria (CBN) and official trading platforms indicate that the Naira is currently trading at an average of ₦1,380.75 per dollar.

This represents a slight appreciation from the closing rates observed at the end of March, as the market reacts to improved liquidity and consistent policy interventions by the apex bank.

Throughout the day’s trading session, the Naira maintained a steady path, oscillating within a narrow band.

The exchange rate reached a daily high of ₦1,381.12 before settling at its current mean. This stability suggests a cooling of the speculative pressures that have historically impacted the Nigerian Foreign Exchange Market (NFEM).

Against other major global currencies, the Naira also held its ground. The British Pound is currently exchanging at ₦1,748.20, while the Euro stands at ₦1,501.44.

These figures reflect a broader trend of relative calm across the official windows as the Central Bank continues its efforts to harmonize rates and eliminate market arbitrage.

The ongoing stability of the Naira remains central to the Federal Government’s inflation-targeting strategy. By minimizing currency volatility, the government aims to lower the landing costs of imported goods, thereby easing the cost-of-living pressure on Nigerian households.