The Naira continued its upward trend against the US dollar at the official foreign exchange market, strengthening to N1,366.23 per dollar on Friday from N1,371.51. This reflects a daily appreciation of N5.28, according to the Central Bank of Nigeria.
Since Tuesday, March 10, the local currency has gained a total of N35.17 per dollar, showing sustained improvement in the official market. However, the parallel market remained flat at N1,440 per dollar on Friday, with no change from Thursday.
Over the last four days, Bureau de Change operators reported that the Naira declined by N20 in the black market, contrasting with its gains at the official rate. Analysts attribute the official market rally to stabilizing forex policies and government interventions.
Nigeria’s external reserves stood at $50.03 billion as of March 11, 2026, providing additional support for the Naira’s performance. The trend indicates cautious optimism for the local currency amid continued economic adjustments.
