Naira Gains Strength, Closes at N1,599/$1 in Official Market

The Nigerian Naira showed significant appreciation against the US dollar on Monday, closing at N1,599.00/$1 in the official market, according to data from the Central Bank of Nigeria (CBN).

Naira’s Recovery Trend

This marks a notable recovery from Friday’s rate of N1,626.00/$1 and Thursday’s N1,630.50/$1. The currency had begun the previous week weaker, depreciating to N1,629.00/$1 on Monday, 7 April 2025, before stabilizing at N1,626.00/$1 on Friday, 11 April.

Parallel Market Performance

In the parallel market, the Naira strengthened to N1,605.00/$1 on Monday from Friday’s N1,624.35/$1, as reported by currency traders at Abuja’s Wuse Zone 4 exchange hub.

The currency showed varied performance against other global currencies:

• N2,126.39 per SDR
• N1,770.13 per Euro

Factors Behind the Recovery

Global Economic Factors

Financial analysts attribute the Naira’s rebound to easing global economic tensions, particularly in US-China trade relations. Financial expert Tope Adepegba noted: “Let’s say it’s the Trump effects. Don’t forget, [President] Trump had relaxed some of his tariffs against China last week.”

CBN Interventions

The Central Bank has implemented several measures to stabilize the currency:

• Reported $200 million injection across various official rates last week
• Previous $197 million injection on Friday, 4 April
• Cumulative $124 million disbursed over the preceding week

These interventions have helped narrow the gap between official and parallel market rates while improving forex access for critical economic sectors.

For more details, read the original report on Nairametrics.