• Naira appreciates slightly to N1,348 per dollar in the official market amid improved dollar supply
• Black market rate drops to N1,395 per dollar as authorities boost currency market stability
• Global oil prices fluctuate amid US-Iran tensions and ceasefire extension announcements by President Trump

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

The Nigerian currency, the naira, rose to N1,348 per dollar in the official market, reflecting a slight gain from the N1,350 the previous day.

Data from the Central Bank of Nigeria (CBN) shows that the FX spot rate hovered between an intraday low of N1,340 and a high of N1,350 against the US greenback, showing an improvement in dollar supply at the Nigerian Foreign Exchange Market (NFEM).

Dollar supply boosts naira’s gains

According to reports, the FX data from the CBN shows that NFEM interbank supply dropped to N66.084 million across 87 deals.

This shows that FX payment requests eased on Wednesday, April 22, 2026, from N91.866 million across 106 deals recorded the previous day.

Black market rate rebounds amid oil volatility

Data from the unofficial parallel market shows that the local currency was sold at N1,395 per dollar, up from N1,400 the previous day, as authorities sustained FX releases into the currency market.

Meanwhile, global oil prices dropped and rose again on Wednesday, April 22, 2025, after President Donald Trump disclosed that he would extend a ceasefire with Iran until peace talks between the two countries have progressed.

The US President said the country will continue to blockade Iranian ports until Tehran presents a unified proposal.

MarketForce Africa revealed that the global benchmark wholesale oil price dropped to $97.60 per barrel after rising in Asia.

However, oil prices rose again as reports of ships being attacked in the controversial, but critical, Strait of Hormuz emerged, with the price briefly rising to $100 per barrel before falling back slightly.

Crude oil remains volatile on the US-Iran conflict

Experts say energy markets have remained volatile since the US and Israel attacked Iran on February 28 and Tehran responded with threats to target vessels in the Strait.

The initial two-week ceasefire had been due to end on Wednesday, April 22, 2026. Trump did not give a new deadline for the ceasefire extension.

He disclosed on Truth Social that the Iranian government has been seriously decimated and that the US will hold off from launching new attacks after Pakistan called for more time for Iran to agree to a deal.

Vice President JD Vance was expected to fly to Islamabad, Pakistan, for talks on Tuesday, April 21, 2026. However, new reports say he will not.

Naira is second-best-performing African currency

Legit.ng earlier reported that Nigeria’s naira has staged a stunning comeback in 2026, emerging as one of the continent’s strongest currencies and capturing the attention of investors worldwide.

Despite raging geopolitical tensions and wild swings in global markets, the naira now ranks second-best performing African currency against the US dollar year-to-date—trailing only the Zambian kwacha.

Head of Market Research at FXTM, Lukman Otunuga, highlighted the naira’s unexpected strength in a fresh statement, according to a report by ThisDay.

Source: Legit.ng