The Nigerian naira experienced an appreciation, trading at N1,367.5 to the dollar on May 4, 2026. This movement extends the gains observed throughout April, indicating a period of improving stability in the foreign exchange market.

Data from the Central Bank of Nigeria (CBN) confirmed the currency's strengthening in the first trading session of May. The naira had closed April at N1,374/$, a notable improvement that marks the first time since 2024 that the currency finished April with a gain, according to Nairametrics reporting.

The recent performance reflects a positive shift from earlier in April when the currency was trading at N1,376/$, and also from its March close of N1,387/$. Intraday trading during the period saw the naira fluctuate between N1,362/$ and N1,374.5/$, with an average exchange rate recorded at N1,365.89/$.

This development occurs against a backdrop of mixed global currency movements. The U.S. dollar continues to benefit from safe-haven demand driven by ongoing geopolitical tensions, though the naira's recent gains suggest localized factors are supporting its stability.

The article also touches upon broader economic factors affecting Nigeria, including the impact of global oil market shifts. The UAE's departure from OPEC is highlighted as a factor that could lead to sustained price falls in oil, potentially impacting Nigeria's revenue, which is heavily reliant on oil and gas exports. The 2026 Appropriation Act is benchmarked at $64.85 per barrel with an assumed production of 1.84 million barrels per day.