Nigeria Today's Dollar to Naira Rate: Dollar → Naira Snapshot Rate for 28 April 2026

Official CBN Rate: N1,369 per US Dollar
Black-Market Rate: Not specified
Drivers: External reserves falling by $731 million from 49.18 billion (April 1) to $48.44 billion (April 24); Sustained demand pressures from importers and investors; the weakest closing level since April 8, 2026; Domestic supply-side constraints outweighing global dollar weakness.
Top Tools: CBN Forex Portal, Aboki FX

The Naira weakened further to N1,369 per dollar on Monday, extending a depreciation trend from N1,349.67 per dollar at the start of last week. This marks the currency's weakest level since April 8, driven by a 731 million drop in external reserves and persistent demand pressures, even as the dollar softened globally.

FAQ

• What is the gap between CBN and black market rates?
  The article focuses on official market dynamics. The weakening comes despite a softer US dollar, with the Dollar Index down 0.3% to 98.32, and rising Brent crude at $106.40 per barrel. This indicates that local supply-side constraints are outweighing external relief factors.
• Will the naira strengthen further?
  The outlook remains pressured. External reserves have declined from 49.18billionto49.18billionto48.44 billion in April, raising concerns over the sustainability of CBN support for the currency. While Governor Cardoso has dismissed concerns, insisting the trend "should not trigger alarm," market participants remain focused on whether reserves can withstand prolonged intervention pressures.
• How do oil prices affect rates?
  Brent crude rose 1% to $106.40 per barrel, yet the Naira continues to weaken. This disconnect between rising oil prices and currency weakness highlights that domestic vulnerabilities, including structural FX shortages and persistent demand from importers, are currently dominating naira pricing regardless of global commodity trends.