Nigeria’s foreign exchange market showed greater stability in April 2026 as the naira strengthened against the United States dollar, supported by aggressive liquidity-control measures introduced by the Central Bank of Nigeria.
The News Chronicle reports that the naira appreciated by N19.67 during the month, closing at an average exchange rate of N1,361.51/$, compared with N1,381.18/$ recorded in March. The improvement came as the apex bank intensified its liquidity-tightening strategy through Open Market Operations, with bills valued at N9.71 trillion.
Rising from the N7.62 trillion distributed in March, the number showed the CBN’s resolve to control inflation, lower excess liquidity, and stabilize the foreign currency market.
April market statistics also revealed lower volatility, with the naira trading within a narrower range than the month before. Analysts think the growth reflects stronger investor confidence and reduced local-currency speculative pressure.
Financial professionals pointed out that rising OMO returns continued to attract outside portfolio money into Nigeria’s bond market, thereby helping to boost dollar liquidity and stabilize the exchange rate.
Analysts, meanwhile, cautioned that maintaining the naira’s current gains would largely depend on improved foreign exchange inflows from crude oil revenues, diaspora remittances, and foreign direct investment in the Nigerian economy.
