The Centre for the Promotion of Private Enterprises (CPPE) says the naira traded between N1,340 and N1,430 to the dollar in the official market during the first quarter of 2026, reflecting improved exchange-rate stability.

CPPE Chief Executive Officer Muda Yusuf disclosed this in a weekend statement reviewing Nigeria’s economic performance in the first quarter and outlining expectations for the second quarter.

According to Yusuf, the relative stability of the naira helped moderate imported inflation and restore a measure of investor and business confidence after earlier volatility linked to economic reforms.

He attributed the trend partly to stronger external reserves, which rose to about $50 billion as of March 11, 2026.

Despite the improvement, Yusuf said many Nigerians continue to face a severe cost-of-living crisis driven by high energy costs, insecurity and persistent structural challenges in the economy.

Looking ahead, he described the outlook for the second quarter as cautiously optimistic but warned that risks remain, particularly from geopolitical tensions involving Iran, the United States and Israel, as well as political developments ahead of Nigeria’s 2027 general elections.

Yusuf also advised the Central Bank of Nigeria to suspend further monetary policy tightening, warning that additional increases could worsen inflationary pressures on households and businesses.