Figures cited by BusinessDay show that the Nigerian Naira appreciated to N1,382.63/$ at the official window, gaining approximately 0.42% in value. This recovery comes despite a slight 0.84% decline in foreign exchange reserves, which currently sit at $49.60 billion, down from a peak of over $50 billion earlier in the month.
The Central Bank’s recent policy shift, mandating International Money Transfer Operators (IMTOs) to use Naira settlement accounts for diaspora inflows, is credited with boosting domestic liquidity. Market analysts suggest that while the reserve slide is a concern, the strategic focus on local currency settlement is successfully narrowing the gap between official and parallel market rates.
The development was corroborated by Vanguard, which reported that the “Naira appreciated to N1,395/$ in the parallel market,” while The Nation highlighted that the “CBN’s market-oriented reforms have reduced the FX gap to less than 2%.”
Echotitbits take: The Naira’s resilience in the face of falling reserves suggests the CBN’s structural reforms are finally biting. However, sustainability depends on whether the $49 billion reserve cushion can withstand the upcoming end-of-quarter external debt obligations.
Source: BusinessDay – https://businessday.ng/news/article/naira-gains-n27-in-weekly-trade-as-external-reserves-cross-50bn/, March 25, 2026
Photo credit: BusinessDay
