Naira Remains Stable at N1,357/$ Amid Strong Reserves, Oil Price Surge

The Nigerian Naira maintained relative stability against the US Dollar on Thursday, March 19, 2026, as foreign exchange markets responded to higher oil prices and a strong reserve position.

Early trading data from the official market showed the naira exchanging at around N1,357.11 per dollar, with steady turnover supported by policy actions from the Central Bank of Nigeria.

Nigeria’s external reserves recently rose to $50.03 billion, their highest level in over a decade. According to CBN Governor Olayemi Cardoso, this provides sufficient “firepower” to stabilise the currency despite global uncertainties.

In the parallel market, the naira traded between N1,410 and N1,415 per dollar in key locations such as Lagos and Abuja. Although the gap with the official rate has narrowed since reforms in 2025, a difference of about N53–N58 remains.

The CBN has, however, warned about the impact of “imported inflation,” as rising oil prices—currently above $100 per barrel—could drive up costs across the economy.

Experts describe the naira’s current movement as a consolidation phase, with optimism that increased domestic refining capacity, particularly from the Dangote Refinery, will reduce pressure on foreign exchange demand and support the currency going forward.

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