The Centre for the Promotion of Private Enterprises has reported that the naira traded within the range of N1,340 to N1,430 against the dollar in the official market during the first quarter of 2026.

The organisation’s Chief Executive Officer, Muda Yusuf, disclosed this in a statement reviewing the country’s economic performance and projecting trends for the second quarter.

According to Yusuf, the relative stability of the exchange rate helped ease imported inflation and improve investor confidence during the period. He attributed this development to stronger external reserves, which rose to approximately $50 billion as of March 2026.

Despite this stability, he noted that many Nigerians are still grappling with a high cost of living, driven by rising energy prices, insecurity, and persistent structural challenges within the economy.

Looking ahead, Yusuf described the outlook for the second quarter as cautiously optimistic but warned of potential risks. He pointed to global geopolitical tensions, particularly involving Iran, the United States, and Israel, as factors that could disrupt economic stability.

He also highlighted the approaching 2027 general elections as another variable that could affect policy direction and reform momentum.

Yusuf advised the Central Bank of Nigeria to avoid further tightening of monetary policy, warning that such measures could worsen inflationary pressures on citizens.

He stressed the need for balanced economic strategies that support stability while addressing the challenges facing businesses and households across the country.