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The naira appreciated slightly against the US dollar on Wednesday, March 25, 2026, as improved liquidity conditions supported the local currency in the official foreign exchange market.
Official Market (CBN/NFEM Rate)
| Market | Exchange Rate |
|---|---|
| CBN Official Rate | ₦1,375.34 — ₦1,382.63 per $1 |
The naira opened at approximately ₦1,375.26 on Wednesday morning and strengthened to ₦1,375.61 by mid-morning. On Tuesday, the official rate closed at ₦1,382.63, representing a gain of 0.42% from the previous session.
Financial data from Sina.com showed the USD/NGN pair trading at ₦1,375.34 as of Wednesday morning, down 0.27%.
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Parallel Market (Black Market Rate)
| Market | Buying Rate | Selling Rate |
|---|---|---|
| Parallel Market | ₦1,398 — ₦1,410 | ₦1,410 — ₦1,435 |
In the parallel market, traders in Lagos and Abuja are selling the dollar between ₦1,410 and ₦1,435, depending on transaction size. Bureau de Change (BDC) operators reported buying rates ranging from ₦1,398 to ₦1,410 per dollar.
The spread between the official and parallel market rates stood at approximately ₦33 on Tuesday, reflecting persistent pricing distortions across market segments.
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Market Drivers and Analysis
Naira Gains Supported By:
- Increased FX inflows: Total foreign exchange inflows rose by 45% month-on-month to $4.4 billion in February, driven by foreign portfolio investors seeking high-yield opportunities.
- Improved liquidity: Autonomous dollar inflows from exporters selling to meet month-end obligations.
- Policy reforms: The Central Bank of Nigeria’s Electronic Foreign Exchange Matching System (EFEMS) has reduced speculative swings.
Lingering Pressures:
- Declining reserves: External reserves fell for the sixth consecutive session to $49.60 billion as of March 23, 2026.
- Month-end demand: Corporate demand for dollars typically peaks toward the end of the month as businesses settle international invoices.
Dollar To Naira Outlook
Traders expect the naira to trade within the ₦1,370 — ₦1,390 range for the remainder of the week. Analysts note that while short-term FX inflows are supporting the currency, declining reserves and structural imbalances continue to pose downside risks.
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Note: The Central Bank of Nigeria does not recognise the parallel market and has advised individuals seeking foreign exchange to approach their respective banks.
