Naira Holds Near N1,391/$ as New Trading Week Begins – March 9 Exchange Rate Update

The Nigerian Naira opened the second full trading week of March 2026 with mild fluctuations against the US Dollar on Monday, March 9, 2026, as foreign exchange demand begins to rise.

Real-time data from the Nigerian Foreign Exchange Market (NFEM) and informal trading networks suggest the currency is currently experiencing moderate volatility driven by growing corporate demand at the start of the month.

Official market activity

At the official trading window, the Naira began the session at N1,384.74 per dollar.

As trading activity increased during the morning session, the exchange rate moved to N1,391.83 per dollar.

By 5:30 AM WAT, the rate had settled around N1,391.58 per dollar.

The latest figures follow the N1,398.00 per dollar closing rate recorded on March 6.

Despite the intraday movement, the market remains relatively stable and transparent.

Authorized dealers say the Central Bank of Nigeria (CBN) is continuing to provide liquidity to ensure manufacturers and institutional investors have access to foreign exchange, helping to reduce the sharp volatility experienced in previous years.

Parallel market outlook

The parallel or black market remains closely aligned with the official rate.

Across major trading hubs in Lagos, Kano and Abuja, the US Dollar is currently exchanging for between N1,400 and N1,410.

The difference between the official and parallel markets is estimated at around 1 to 1.5 percent, indicating improved exchange rate convergence.

Foreign exchange traders say Monday trading often brings increased retail demand for travel-related expenses and small business transactions.

However, adequate dollar supply through Bureau De Change operators has helped reduce speculative pressure in the market.

Factors influencing the exchange rate

Several economic indicators are supporting the Naira’s stability.

Nigeria’s foreign reserves have recently surpassed $50 billion, strengthening the central bank’s capacity to support the currency.

At the same time, inflationary pressures are easing, with headline inflation declining to 15.10 percent, making the Naira relatively more attractive for investment.

In the oil sector, crude production remains stable at approximately 1.46 million barrels per day, while steady global oil prices continue to sustain foreign exchange inflows.

The country’s narrowing trade deficit and improved domestic refining capacity are also helping to reduce demand for foreign exchange.

Analysts expect the Naira to trade within the N1,385 to N1,400 band during the current trading week.

Market participants will be watching daily transaction volumes and any further policy guidance from economic authorities regarding stabilization efforts.

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