{"id":7958,"date":"2026-04-01T12:59:24","date_gmt":"2026-04-01T12:59:24","guid":{"rendered":"https:\/\/ograsset.com\/?p=7958"},"modified":"2026-04-01T12:59:26","modified_gmt":"2026-04-01T12:59:26","slug":"naira-weakens-to-n1387-as-reserves-fall-to-49-29-billion-in-march","status":"publish","type":"post","link":"https:\/\/ograsset.com\/index.php\/2026\/04\/01\/naira-weakens-to-n1387-as-reserves-fall-to-49-29-billion-in-march\/","title":{"rendered":"Naira weakens to N1,387\/$ as reserves fall to $49.29 billion in March"},"content":{"rendered":"\n
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Naira weakens to N1,387\/$ as reserves fall to $49.29 billion in March<\/strong><\/p>\n\n\n\n

The naira weakened slightly to N1,387\/$ on Tuesday, compared to N1,386.75\/$ recorded in the previous session.<\/p>\n\n\n\n

This is according to data from the Central Bank of Nigeria (CBN).<\/p>\n\n\n\n

The marginal depreciation comes amid a decline in Nigeria\u2019s external reserves, which dropped to $49.29 billion by the end of March 2026.<\/p>\n\n\n\n

The development reflects ongoing pressure in the foreign exchange market despite relatively stable global currency movements.<\/p>\n\n\n\n

Market activity recorded a total turnover of $30.95 million across 44 deals, indicating moderate trading volumes in the official window.<\/p>\n\n\n\n

What the data is saying <\/p>\n\n\n\n

Recent data highlights both the slight weakening of the naira and the steady decline in Nigeria\u2019s external reserves.<\/p>\n\n\n\n

The naira depreciated to N1,387\/$ from N1,386.75\/$ in the previous trading session.<\/p>\n\n\n\n

Intra-day trading ranged between N1,385.5\/$ and N1,388\/$, with an average rate of N1,386.69\/$.<\/p>\n\n\n\n

Nigeria\u2019s foreign reserves fell from $50.03 billion on March 11 to $49.29 billion by March 30, representing a decline of about $547 million.<\/p>\n\n\n\n

The reserves decline occurred gradually over the period, rather than through a single sharp drop.<\/p>\n\n\n\n

The data suggests persistent but controlled pressure on the naira, alongside a steady drawdown in external buffers.<\/p>\n\n\n\n

The current movement in the naira comes against the backdrop of Nigeria\u2019s ongoing foreign exchange reforms, which have seen the CBN adopt a more market-driven exchange rate system since mid-2023.<\/p>\n\n\n\n

While these reforms have improved transparency and narrowed the gap between official and parallel market rates, they have also exposed the naira to market forces, resulting in periodic volatility.<\/p>\n\n\n\n

More insights<\/p>\n\n\n\n

Global currency markets remained relatively stable, with the U.S. dollar holding steady amid easing safe-haven demand linked to geopolitical tensions.<\/p>\n\n\n\n

The dollar index slipped slightly by 0.03% to 99.70, while the euro gained 0.21% to trade at $1.1576.<\/p>\n\n\n\n

The Japanese yen strengthened to 158.55 per dollar, recovering from earlier lows amid improved business sentiment in Japan.<\/p>\n\n\n\n

Sterling also appreciated by 0.21% to $1.3247.<\/p>\n\n\n\n

The dollar had previously benefited from safe-haven demand following geopolitical tensions in the Middle East, particularly the conflict involving Iran, although easing concerns have moderated its gains.<\/p>\n\n\n\n

What you should know<\/p>\n\n\n\n

Nigeria\u2019s foreign reserves serve as a critical buffer for supporting the naira and meeting external obligations.<\/p>\n\n\n\n

The apex bank has projected that reserves could reach $51 billion by the end of 2026<\/a> as part of its broader macroeconomic stabilization and confidence-restoration agenda.<\/p>\n\n\n\n

This is according to the Central Bank of Nigeria\u2019s (CBN) 2026 Macroeconomic Outlook for Nigeria.<\/p>\n\n\n\n

The $51 billion projection forms part of a medium-term strategy to strengthen balance-of-payments resilience.<\/p>\n\n\n\n

The apex bank linked the positive reserve outlook to expanded domestic refining, notably the Dangote Refinery\u2019s planned capacity increase to 700,000 bpd in 2025 and a longer-term target of 1.4 million bpd.<\/p>\n\n\n\n

Source:<\/em>https:\/\/nairametrics.com\/2026\/04\/01\/naira-weakens-to-n1387-as-reserves-fall-to-49-29-billion-in-march\/<\/em><\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Naira weakens to N1,387\/$ as reserves fall to $49.29 billion in March The naira weakened slightly to N1,387\/$ on Tuesday, compared to N1,386.75\/$ recorded in the previous session. This is according to data from the Central Bank of Nigeria (CBN). The marginal depreciation comes amid a decline in Nigeria\u2019s external reserves, which dropped to $49.29 billion by the end… <\/p>\n

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