The Nigerian Naira opened the week of March 9, 2026, at 1,384.74 per US Dollar in the official Foreign Exchange Market (NFEM), gradually adjusting to 1,391.58 by mid-morning. The slight easing follows last week’s close at 1,398.00, showing moderate volatility as corporate demand rises.
In the parallel market, the dollar trades between 1,400 and 1,410, keeping the spread with the official rate narrow at around 1–1.5%. The Central Bank of Nigeria continues to supply liquidity to meet manufacturing and institutional demand, limiting speculative pressures.
Key drivers of the Naira’s performance include Nigeria’s foreign reserves surpassing $50 billion, slowing inflation to 15.10%, steady crude oil production of 1.46 million barrels per day, and a narrowing trade deficit, which together support currency stability.
Analysts expect the Naira to fluctuate between 1,385 and 1,400 for the rest of the week. Market watchers will monitor daily turnovers and any policy announcements from fiscal authorities aimed at maintaining economic stability.
