The naira extended its decline on Tuesday, closing at N1,383 per US dollar as renewed pressure in the foreign exchange market coincided with a further dip in Nigeria’s external reserves, according to data from the Central Bank of Nigeria (CBN).

The currency traded between N1,367.5/$ and N1,385/$ during the day. The simple average rate stood at N1,380.19/$ based on intraday movements. Tuesday’s close represents the weakest level since April 7, 2026, when it traded at N1,389/$.

Compared with last Tuesday’s close of N1,350.99/$1, the naira has recorded a notable week-on-week depreciation. This movement comes amid a mixed global currency environment, where the US dollar strengthened ahead of a closely watched Federal Reserve policy decision.

The pressure in the FX market has been mirrored by a decline in external reserves. CBN data shows reserves fell to $48.38 billion as of April 27, 2026, down from $48.51 billion recorded on April 21, 2026. This reflects a drop of about $124 million within one week.

The decline suggests continued FX market interventions and external obligations payments. In the global market, the US dollar held firm as investors awaited the Federal Reserve’s policy decision, widely expected to keep interest rates unchanged. The dollar index steadied around 98.57, supported by safe-haven flows linked to geopolitical uncertainty.

Nigeria’s FX market has remained under pressure in recent weeks despite periodic stabilisation efforts by monetary authorities. The combination of persistent import demand, limited FX inflows, and reserve drawdowns continues to weigh on the naira’s performance.