₦airaland Forum

Naira Weakens to N1,355/$ as FX Pressure Mounts Amid Declining Reserves

By Enemona Samuel Endurance

The Nigerian naira came under renewed pressure in the foreign exchange market, weakening to N1,355/$ on Thursday amid persistent volatility and declining external reserves.

Data from the Central Bank of Nigeria (CBN), reviewed by The Business Bureau, showed the naira depreciated from N1,348.1/$ recorded on Wednesday.

The latest movement extends a gradual downward trend observed in recent sessions, reflecting both domestic pressures and global market dynamics.

What The Data Is Saying

Recent figures indicate a steady depreciation of the naira alongside a marginal decline in Nigeria’s external reserves, highlighting sustained pressure in the foreign exchange market.

The naira weakened to N1,355/$ on Thursday from N1,348.1/$ on Wednesday
Intraday trading ranged between N1,350/$ and N1,355.8/$, with an average rate of N1,354.19/$
Total interbank deals stood at 46, according to CBN data
A week earlier, the currency closed at N1,341.01/$, confirming a gradual depreciation trend
External reserves declined to $48.48 billion from $48.54 billion recorded earlier in the week

The decline in reserves suggests reduced capacity for sustained intervention in the FX market, reinforcing pressure on the local currency.

More Insights

Global developments have also contributed to the naira’s weakness, as rising geopolitical tensions boosted demand for the U.S. dollar.

Safe-haven demand strengthened the dollar amid stalled negotiations between the United States and Iran, while tensions around the Strait of Hormuz raised concerns about global oil supply disruptions.

The dollar index hovered around 98.82, remaining on track for a weekly gain, while other major currencies such as the euro, British pound, and Japanese yen weakened.

Emerging market currencies, including the Philippine peso, Malaysian ringgit, and Indian rupee, also recorded losses, reflecting broader global pressure.

What You Should Know

The outlook for the naira reflects a complex interplay of domestic and global factors.

While higher oil prices could support Nigeria’s foreign exchange inflows, global uncertainties and capital flow pressures may offset these gains.

Earlier this week, the naira depreciated to N1,349/$ from N1,342.5/$, reinforcing the current trend.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has maintained that fluctuations in external reserves should not be overinterpreted.

“The focus should not be on short-term movements but on overall macroeconomic stability,” he stated.

The CBN projects that Nigeria’s external reserves could rise to $51 billion by the end of 2026 as part of its broader stabilisation strategy.

The Business Bureau analysis indicates that sustained FX stability will depend on improved dollar inflows, investor confidence, and effective monetary policy coordination.

Source: The Business Bureau

Lol

Tinubu - the economics guru. Gbayi.

He was making mouth cho cho cho... now go work as you say emilokan he begin dey give excuse pic.twitter.com/SyXZKp5mBk

— Olayinka 🇳🇬🇺🇾 (@mickoly) April 3, 2026

Emilokan is after our life

PlasmaTV:
Lol

Tinubu - the economics guru. Gbayi.

He was making mouth cho cho cho... now go work as you say emilokan he begin dey give excuse pic.twitter.com/SyXZKp5mBk

— Olayinka 🇳🇬🇺🇾 (@mickoly) April 3, 2026

Honestly, one should look for all old videos of Tinubu criticizing others and create a reel so that Nigerians can see how empty he is in his head. The only thing he is good with is snatching and grabbing power. what to do with it, confusion sets in...

See the kind news wey una Dey push here

Tinubu is a failure.
All that Tinubu condemned Jonathan for had happened 10x and over under his watch.
Tinubu is a true definition of 'Talk is cheap'.

Abeg make una leave BAT.
Election is just 9months away.

We should look forward and stop playing emotions.
Children are resuming back to school on Monday so make everybody face him Family and do right in their mini capacity.

Only God can save the black man from self destruction.

Wednesday - N1348
Thursday - N1355

That means Naira weakens

You people just want to destroy your own country with lies because you want your candidate to be President.

No problem. Continue.

This is small na nothing big

Tinubu's blokkos weakens to 10 sperms per square millimetres. That's how the whole thing sounds in my ears.

The challenge when all you want is power without adequate capacity to function.

DeLaRue:
Only God can save the black man from self destruction.

Wednesday - N1348
Thursday - N1355

That means Naira weakens

You people just want to destroy your own country with lies because you want your candidate to be President.

Ni problem. Continue.

Illiteracy is a disease!

Wale Edun will be missed soon...

DeLaRue:
Only God can save the black man from self destruction.

Wednesday - N1348
Thursday - N1355

That means Naira weakens

You people just want to destroy your own country with lies because you want your candidate to be President.

No problem. Continue.

It's lazy journalism.

This way, we'd have 365 articles on front page every year about the daily 'weakening' or 'strengthening' of the naira.

I wonder if this lazy reporter understands currency trades are live and change by the minute during trading sessions

President of darkness hahaha

Editorialtimes:
Naira Weakens to N1,355/$ as FX Pressure Mounts Amid Declining Reserves

By Enemona Samuel Endurance

Is there a more useless, corrupt and incompetent president than Tinubu?

Who is that president?

Not even Buhari of their All Promises Cancelled, APC party.

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

>>>
>>>

Muhammadu Buhari, presidential candidate of the All Progressives Congress (APC), has promised to ensure that the naira would be equal to the dollar in value if voted into office.

NAN reports that Buhari said this on Monday during the south-east presidential rally of the party at Dan Anyiam Stadium, Owerri.

“It is sad that the value of the naira has dropped to more than N230 to one dollar. This does not speak well for the nation’s economy,” he said.

He urged the people to vote for APC, noting that he would ensure that corruption was tackled headlong if elected.

https://www.thecable.ng/ill-make-naira-equal-dollar-says-buhari/amp

you guys should wait make the snatcher ,grabber and that ran away criminal, agbero union smuggled into aso rock to run una streets in 2027 .bench mark will be above #2500

Can Tinubu aka MC Oluomo or his Agberos ever be accountable ?

Emir Sanusi Lamido Sanusi, sir.
We are in the Executive Oshodi Under Bridge Administration. They are never accountable always arguing and lying with egregious chats and statistics 🙄

"Se Nah Statistics We Go Chop" ?

GboyegaD:
The challenge when all you want is power without adequate capacity to function.

You don't know economics. It shows two things:
1 Nigerian fx rate is gradually being aligned to global economic dynamics. Before now people in CBN would have sat in their offices and fix rates that are not reflective.

2 Naira exchange rate volatility is under good control. If it was before the petroleum subsidy mafia would have made a kill because of the Iranian war. The rates in the open market might have increased only marginally but their subsidy claim would have emptied the foreign reserves. If the government wants to avoid this, the result would have been massive queue.

Ever since APC promised to strengthen the naira, we've never had a stronger naira. Imagine from 216 to a dollar to more than 1k

Tinubu said he removed subsidy in order to stop borrowing yet he had borrowed more
If I didn't give you steady electricity don't vote for me same Tinubu
I will build Nigeria same way I built Lagos same Tinubu
Look at how he floated naira
I will handle economy why Shatima will handle security
Insecurity don worst pass
Master strategies Na master failure
Educational background is compromised
Family background compromised
Even age compromised Nigeria is in for a long ride
If failure should be a person it should be T-kpai u won't see any of his E-Rats in this trend

not enough original content

What has happened is easily predictable especially because of the type of economy we have chosen to run,

Voodo Economics & cosmetics Economics.

What in the world is this one saying ?

God why do we still have people like this ? Defending just anything ?.

Vision101:
You don't know economics. It shows two things:
1 Nigerian fx rate is gradually being aligned to global economic dynamics. Before now people in CBN would have sat in their offices and fix rates that are not reflective.

2 Naira exchange rate volatility is under good control. If it was before the petroleum subsidy mafia would have made a kill because of the Iranian war. The rates in the open market might have increased only marginally but their subsidy claim would have emptied the foreign reserves. If the government wants to avoid this, the result would have been massive queue.

ADC should use this to campaign

hush15:
Honestly, one should look for all old videos of Tinubu criticizing others and create a real so that Nigerians can see how empty he is in his head. The only thing he is good with is snatching and grabbing power. what to do with it, confusion sets in...

Honestly! Everything BAT condemned has become 100 times worse under his regime - inflation, poverty, unemployment, insecurity, electricity etc

Vision101:
You don't know economics. It shows two things:
1 Nigerian fx rate is gradually being aligned to global economic dynamics. Before now people in CBN would have sat in their offices and fix rates that are not reflective.

2 Naira exchange rate volatility is under good control. If it was before the petroleum subsidy mafia would have made a kill because of the Iranian war. The rates in the open market might have increased only marginally but their subsidy claim would have emptied the foreign reserves. If the government wants to avoid this, the result would have been massive queue.

Shush shush. The reason the naira is dwindling wildly is because of the fact that dollar is weak globally. Your economic guru - baba Bulaba - has done nothing other than ruining the economy with his hare brained policies.

Tulumbu well done sir we are seeing your hand ooo

PlasmaTV:
Shush shush. The reason the naira is dwindling wildly is because of the fact that dollar is weak globally. Your economic guru - baba Bulaba - has done nothing other than ruining the economy with his hare brained policies.

You are turning your economics upsidedown. By what you stated above naira should be appreciating na.

We warned you about this man, but you were calling us wailers