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Q2 2026 BEGINS TODAY — First trading day of the new quarter · Naira stable at ₦1,385 official Iran war: April 6 deadline looms — Trump threatens resumed strikes on power plants CBN bank recapitalisation completed — 34 banks met thresholds by yesterday’s deadline Bonny Light crude above $103/bbl — Q2 oil windfall expected for federation account Tuggar, Sununu resign from Tinubu cabinet ahead of 2027 governorship bids Super Eagles result vs Jordan — Antalya tournament concluded Q2 2026 BEGINS TODAY — First trading day of the new quarter · Naira stable at ₦1,385 official Iran war: April 6 deadline looms — Trump threatens resumed strikes on power plants CBN bank recapitalisation completed — 34 banks met thresholds by yesterday’s deadline Bonny Light crude above $103/bbl — Q2 oil windfall expected for federation account Tuggar, Sununu resign from Tinubu cabinet ahead of 2027 governorship bids
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Business & Economy · Q2 Day 1 · Live RatesNaira Exchange Rate Today —
Naira Exchange Rate Today —
Wednesday, 1 April 2026
CBN Official (USD)
₦1,385
≈ +₦0.73 vs Q1 close
Parallel Market (USD)
₦1,415
Steady at Q1 close level
Official/Parallel Gap
₦30
▼ Narrowing slightly
Q1 2026 Net Naira Gain
~8%
▲ vs ₦1,540 Jan open
Wednesday Q2 Opening Summary: The naira steps into Q2 2026 on steady footing, opening at ₦1,385.27 per dollar at the NFEM — practically unchanged from yesterday’s Q1 close. Like an athlete who finished a tough marathon and is already lacing up for the next race, the currency is carrying healthy momentum into the new quarter. System liquidity exceeded ₦8 trillion at the end of March, and Nigeria’s forex reserves hold near $49.4 billion. The first week of Q2 is expected to trade in a ₦1,380–₦1,420 corridor. The key external watch remains the Iran war’s April 6 deadline — if Trump resumes power plant strikes, oil could spike above $110/bbl and put immediate pressure on the parallel market. For now: calm opening.
📅 Q2 Day 1 Context: Today marks Nigeria’s transition from a strong Q1 (naira +8%, NSE +31%, reserves near $50B) into a quarter shaped by the Iran war, CBN rate signals, and building 2027 political activity. Three CBN deadlines closed yesterday: bank recapitalisation (34 banks compliant), the ministerial resignation deadline (Tuggar, Sununu out), and Q1’s books. Markets open Q2 with confidence — but the April 6 deadline is less than 6 days away.
⚠ Iran War Watch — April 6: Trump’s deadline for Iran to reopen the Strait of Hormuz expires in 5 days. If power plant strikes resume, Brent crude could surge above $110–$120/bbl within hours. This would push Nigeria’s parallel market rate toward ₦1,440–₦1,460 and widen the official-parallel gap. Avoid large non-urgent dollar purchases until after April 6. If the deadline is extended again or diplomacy progresses, the naira could firm toward ₦1,370–₦1,380 in mid-April.
Official CBN Rates — Wednesday 1 April 2026 · Q2 Opening NFEM Window · CBN EFEMS
| Currency | Buying (₦) | Selling (₦) | Mid Rate | vs Q1 Close |
|---|---|---|---|---|
USD US Dollar | ₦1,382.50 | ₦1,387.50 | ₦1,385.27 | ▲ +₦0.73 |
GBP British Pound | ₦1,833.00 | ₦1,843.00 | ₦1,837.00 | — Flat |
EUR Euro | ₦1,588.00 | ₦1,597.00 | ₦1,592.00 | — Flat |
CAD Canadian Dollar | ₦985.00 | ₦995.00 | ₦990.00 | — Flat |
CNY Chinese Yuan | ₦190.50 | ₦192.50 | ₦191.50 | ▲ Slight gain |
Parallel (Black) Market Rates — Wednesday 1 April 2026 BDC · Lagos · Abuja · Kano
🇺🇸 USD — US Dollar
Buying
₦1,408
/
Selling
₦1,420
— Steady · Q1 close was ₦1,415
🇬🇧 GBP — British Pound
Buying
₦1,860
/
Selling
₦1,900
— Wuse Zone 4 · Broad Street
🇪🇺 EUR — Euro
Buying
₦1,570
/
Selling
₦1,620
— Stable · Q2 opening
🇨🇦 CAD — Canadian Dollar
Buying
₦1,018
/
Selling
₦1,029
▲ Strengthening vs Jan 2026
Q1 2026 Naira Recap — How We Got Here Jan 2 → Mar 31
| Milestone | Date | CBN Rate | Event |
|---|---|---|---|
| Q1 Open | 2 Jan | ~₦1,480 | EFEMS reforms, FPI inflows |
| 13-Year High | 21 Feb | ₦1,333 | Reserves peak $50.45B |
| Iran War Shock | 28 Feb | ₦1,340 | Operation Epic Fury |
| Oil $126/bbl Peak | 8 Mar | ₦1,395 | Hormuz disrupted |
| Diplomatic Relief | 25 Mar | ₦1,382 | Trump pauses strikes |
| Q1 Close | 31 Mar | ₦1,384 | Q1 grade: B+ · Net +8% |
| Q2 Open ← TODAY | 1 Apr | ₦1,385 | Steady · Q2 Day 1 |
USD/NGN Rate — Q1 Journey + Q2 Opening CBN Official · Jan–Apr 2026
What Q2’s Opening Rate Means for the Street Real-Life Impact
Q2 opening note: The naira enters Q2 at nearly the same place it closed Q1 — which is broadly good news. Eight percent stronger than where it started the year. But Nigerians are still feeling the Iran war’s legacy: petrol at ₦1,200–1,350/litre, food prices still elevated. Q2 is a tightrope: oil above $100 is a fiscal windfall but a household cost driver. Here is what today’s rate means for your pocket.
Food & Market Prices
A stable naira at ₦1,385 is a precondition for food price relief — but not a guarantee. Distribution chains absorb currency gains slowly. Look for modest food price reductions in mid-April if the naira stays below ₦1,400 and petrol keeps falling. The Iran war remains the wildcard: any oil spike above $115 would reverse progress.
Slow improvement — watch oilFuel & Transport
Dangote’s ₦1,200 gantry cut is already flowing through to some retail stations (Ranoil, Empire Energy). With Brent at ~$101 and no new Hormuz escalation since March 23, further pump price reductions are possible in early Q2 — IF the April 6 deadline passes without resumed strikes. Budget ₦1,300–₦1,350 per litre for planning purposes.
Prices edging down — hold on April 6Remittances & Diaspora
Receiving money from abroad? Today’s ₦1,408–₦1,420 parallel rate is significantly better than December 2025’s ₦1,530–₦1,540. Every $1,000 sent now delivers roughly ₦100,000–₦115,000 more naira than it did 4 months ago. Use your bank’s IMTO channel — CBN’s new remittance rules route transfers through naira settlement accounts for better rates.
Good to receive — use official channelsSchool Fees Abroad
A $10,000 tuition bill costs ₦13.85M at today’s official rate — roughly ₦1.5M cheaper than Q1 peak of ₦1,540 parallel. Budget at ₦1,430 per dollar for safety: covers official rate + likely spread + April 6 risk buffer. If the Iran situation stabilises post-April 6, rates may dip briefly — ideal for large one-time payments.
Budget ₦1,430/$ · wait for post-Apr 6SME Importers
Q2 Day 1 is historically a calmer buying window — the Q1 end-of-quarter corporate surge has cleared. Early April is traditionally one of the better periods to purchase dollars before midyear corporate pressures build again. Act in the first two weeks of April if your import cycle allows. Avoid buying on or around April 6 — Iran deadline volatility risk is real.
Good Q2 window — avoid April 6 ±1 dayBanking & Savings
The CBN bank recapitalisation is now complete — 34 banks stronger. This matters for your savings: a better-capitalised banking system means more resilient FX intermediation and lower volatility for the naira. CBN MPR remains at 27.5%, keeping naira-denominated assets attractive to foreign portfolio investors. No need to panic-dollarise unless the Iran situation escalates materially.
Banking system stronger — stay patient💡 Your Q2 April Action Plan
✓
Budget Q2 FX at ₦1,400/$ — gives a ₦15 buffer above today’s official rate. Conservative enough for Iran volatility without over-hedging.✓
April 6 is D-Day — Trump’s Iran deadline. Do not commit large, non-urgent dollar purchases until after this date passes. If extended again, the naira may firm.✓
Receiving diaspora transfers? Today’s parallel rate of ₦1,415 is excellent. Use bank IMTO channels — the CBN’s new rules give licensed operators better pipeline rates than street BDCs.✓
SME importers: The first two weeks of April are your best Q2 FX window. Corporate demand is lowest immediately after Q1 close. Act before mid-April buildup.✓
Watch CBN MPC signals: With inflation at 15.06% and falling, a potential Q2 rate cut could ease naira-denominated borrowing costs. The next MPC meeting is a key Q2 catalyst.✓
NSE watch: Nigeria’s stock market ranked 2nd best globally in Q1. Foreign portfolio investors are still active. A stable naira is their precondition — support it by transacting through official channels. CBN Notice: The official rate is determined via EFEMS. Always transact through licensed banks or BDC operators. 34 banks have now met the new capital thresholds — your deposits are safe and protected.
Disclaimer: Rates are indicative only. Official rate sourced from Channels TV / CBN EFEMS. Parallel rates from BDC operators in Lagos (Broad Street), Abuja (Wuse Zone 4) and Kano via NgnRates.com. Rates may change throughout the day. Always verify before transacting. Not financial advice.
