The Nigerian Naira maintained a largely le position against the US Dollar as the first full trading week of March 2026 came to a close. Data from the Nigerian Foreign Exce Market (NFEM) and parallel market operators show the Naira trading within a predictable range, supported by robust national reserves and a decline in inflationary pressure.
In the official market window, the Naira opened at 1,385.42 per dollar on Friday morning and appreciated slightly to 1,385.20 by 3:00 AM WAT, following a previous day closing of 1,385.30. The currency remains slightly weaker than late February levels around 1,360 per dollar but the market is liquid and calm, reflecting a consolidation phase.
The parallel market mirrored official trends, with dollars excing between 1,395 and 1,405 per dollar. The gap between official and informal rates is narrow at about 1.5 percent, indicating that the Central Bank of Nigeria supply to Bureau De Ce operators is meeting retail demand effectively. Traders in Lagos and Abuja reported typical end-of-week demand for travel and business with no evidence of speculative hoarding.
Several macroeconomic factors are supporting the Naira’s value. Nigeria’s gross external reserves recently hit 50.45 billion dollars, covering nearly 9.68 months of imports. Headline inflation dropped to 15.10 percent, down from 34.19 percent in 2024, strengthening the real value of the currency. The Dangote Petroleum Refinery is absorbing global crude price pressures domestically, reducing foreign exce needed for imports. Steady crude production of about 1.46 million barrels per day ensures a reliable flow of foreign exce.
Analysts predict the Naira will close the week between 1,380 and 1,390 per dollar. Market participants are now focusing on mid-month trade data to assess the longer-term impact of recent interest rate adjustments on Nigeria’s currency.
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