FRI APRIL 03 2026-theGBJournal| The naira rose marginally by 0.1% w/w to N1,382.50/US$ at the official FX market, as demand pressures were largely offset by intermittent offshore inflows and a USD100.00 million intervention by the Central Bank of Nigeria (CBN).
In the forwards market, the naira rates appreciated across the 1-month (0.2% to N1,406.72/US$), 3-month (0.2% to N1,445.15/US$) and 6-month (0.1% to N1,4999.45/US$) contracts while the 1-year (-0.1% to N1,590.38/US$) contract depreciated.
Analysts expect the naira to remain broadly stable in the near term, although downside risk persists.
Besides a relatively supportive external backdrop and elevated naira yields is expected to continue to underpin foreign portfolio inflows, albeit at a slower pace compared to pre-conflict levels, despite heightened investor caution stemming from the ongoing US–Iran conflict.
Meanwhile, gross external reserves declined by US$260.00 million to US$49.18 billion (01 April 2026), driven in part by the recent increase in CBN FX interventions and external debt repayments, marking the third consecutive week of decline.
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