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ForexMedium•13 April 2026•

1 min read

Nigerian Naira Gains 20% Against Dollar Amid CBN Intervention; Dogecoin Faces Technical Risks

Donald Trump against maps of the US and Iran, with oil barrels, pipelines, derricks, and upward financial charts amidst flames.

Key Facts

1The USD/NGN exchange rate dropped to 1,358, representing a 20% gain for the Naira from its 2024 lows.

The Nigerian Naira has staged a significant recovery against the US dollar, with the USD/NGN exchange rate falling to 1,358. This move represents a 20% appreciation for the Naira from its record lows earlier in 2024. The Central Bank of Nigeria (CBN) has actively utilized its foreign exchange reserves to stabilize the currency, resulting in a decline in reserves to $48.94 billion. While the Naira strengthens, the cryptocurrency market presents a more cautious outlook for Dogecoin (DOGE). Technical analysts warn of a potential crash for the meme coin, although it may find some support from Bitcoin's broader price action. The overall market sentiment remains influenced by the recent US-Iran ceasefire, which has contributed to a broader softening of the US dollar.