Figures cited by BusinessDay show that the Nigerian Naira began the month of April 2026 with a notable appreciation across various foreign exchange market segments. This stability is attributed to improved liquidity following recent remittance reforms; however, the gains come as Nigeria’s foreign exchange reserves saw a decline of $730 million at the close of the previous quarter.
Market analysts suggest that the increased liquidity is a direct result of the Central Bank of Nigeria’s (CBN) aggressive policy shift toward attracting Diaspora remittances through formal channels. Despite the dip in gross reserves, the narrowing gap between official and parallel market rates is being hailed as a sign of successful macroeconomic recalibration.
PwC Nigeria validated this trend in its 2026 Economic Outlook, stating that “inflation has eased, and foreign-exchange conditions have become more stable,” while News Central TV reported that “improved liquidity, supported by recent remittance reforms,” is driving the current currency strength.
Echotitbits take: The decline in FX reserves is the “price” the CBN is paying to keep the Naira stable. If the projected 4.3% GDP growth for 2026 materializes, the reserves should begin to rebound by Q3, but any external global shock could quickly reverse these fragile gains.
Source: Facebook/Legit.ng – https://web.facebook.com/legitngnews/posts/the-naira-experienced-another-depreciation-ending-march-2026-weaker-than-the-pre/1291623813184025/?_rdc=1&_rdr#, April 2, 2026
Photo credit: Facebook/Legit.ng
