The Nigerian Naira began the trading week with a slight rebound against the United States Dollar, signaling a period of relative calm following moderate volatility earlier in March. Data from the Nigerian Foreign Exchange Market (NFEM) and parallel market points in major cities including Lagos, Abuja, and Kano indicate a narrowing of the gap between official and unofficial exchange rates.
As of Monday morning, March 16, 2026, the Naira was trading at an average of 1,387.89 per dollar in the official NFEM window, up modestly from last Friday’s close around the 1,400 mark. Intraday highs in the official segment reached 1,388.65, while the lowest transactions were recorded at 1,385.67.
In the parallel market—commonly referred to as the black market—the Naira also showed resilience. Lagos traders reported a buying rate of 1,390 and a selling rate of 1,405 per dollar. While slightly higher than official rates, the less-than-2% spread suggests that the Central Bank of Nigeria’s (CBN) recent liquidity injections and policy interventions are effectively curbing speculative pressures.
Analysts attribute the relative stability to a combination of increased foreign portfolio inflows and steady forex supply from the CBN to Bureau De Change (BDC) operators. Yet, the current Monetary Policy Rate (MPR) of 26.5% continues to influence domestic borrowing costs, reflecting the government’s focus on inflation management and currency defense.
For businesses and individuals, last week’s closing rate of 1,366.23 per dollar on the CBN’s official platform provides a reference point, though early-morning demand has seen real-time transactions settle closer to the 1,380 range.
The modest recovery and narrowing of the exchange rate gap mark a cautiously positive outlook for Nigeria’s foreign exchange market, though market watchers remain alert to global currency fluctuations and domestic economic indicators in the coming weeks.