The Naira weakened to N1,389 per dollar after the United States, Israel, and Iran agreed to a two-week temporary ceasefire.
According to data from the Central Bank of Nigeria’s (CBN) website on Tuesday, the naira weakened to N1,389/$ from N1,382.75/$ recorded before the Easter festive break.
Intraday trading showed the currency fluctuating between N1,381/$ and N1,390/$, with an average rate of N1,386.3/$.
Global currency markets reacted strongly to geopolitical developments involving the war, boosting investor confidence.
The Japanese yen strengthened by 0.7% to 158.50 per dollar.
The euro gained 0.7% to $1.1677, while the British pound rose 0.8% to $1.3403.
The Australian dollar climbed 1.2% to $0.7063, and the New Zealand dollar increased 1.1% to $0.5795.
The U.S. dollar index fell to 98.943, its lowest level since March 11, extending a three-day decline.
The easing of tensions followed earlier threats by the U.S. president, which had raised concerns about potential disruptions to global supply chains, before the ceasefire announcement restored market calm.
READ ALSO: Dollar Falls Against Pound, Euro After Iran Truce
These figures indicate sustained pressure on the naira and a reversal of earlier gains in Nigeria’s external reserves.
The reserves declined by about $850 million within three weeks, falling to $49.18 billion between March 11 and April 2, 2026, according to CBN data.
