The Nigerian Naira strengthened to approximately N1,344 per dollar in the official market on April 16, 2026, driven by increased foreign inflows and Central Bank of Nigeria reforms. In the early hours of Thursday, April 16, 2026, the Nigerian Naira showed a firming trend against the US dollar as strategic policy actions and greater market supply continued to impact currency valuations.
The Naira began the session with a significant increase in value on the Nigerian Foreign Exchange Market (NFEM), the official window for currency transactions, trading at approximately N1,344.20 per Dollar. Real-time data from the morning sessions showed the currency maintaining a stable range, hitting an early high of N1,343.83 before settling near the N1,344 mark. This positive movement is being attributed by analysts to improved foreign currency inflows and the Central Bank of Nigeria’s consistent efforts to clear the backlog of foreign exchange demands.
According to financial experts, the mood of the market is currently upbeat, bolstered by recent economic reforms aimed at stabilizing the local currency. However, they remain cautious, noting that the demand for the Dollar for international education, travel, and seasonal imports remains a key variable for the remainder of the month.
Trading activity has been orderly as of 7:00 AM WAT, with participants keeping a careful eye on the mid-day fixing for more signs on the currency’s short-term direction.