Naira strengthens slightly against Dollar as FX market stabilises on March 30, 2026

The Nigerian Naira recorded a stable performance against the United States Dollar in early trading on March 30, 2026, supported by improved liquidity in the foreign exchange market and favorable economic conditions following recent debt issuance activities.

Official Market (NFEM)
In the Nigerian Foreign Exchange Market (NFEM), the Naira began the week on a positive trajectory, trading at an average of ₦1,382.18 per Dollar during the morning session. This marks a slight improvement from Friday’s closing rate of ₦1,384.25, indicating a 0.15% appreciation as the market entered the final trading week of the quarter.

The currency’s stability is attributed to sustained liquidity in the system. The official market recorded a turnover of approximately $172.9 million in the previous session, supported by the Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS). Policy adjustments, including lower stop rates on longer-term Treasury bills, have also helped reduce pressure on yields and supported exchange rate stability.

Parallel Market Activity
In the parallel market, the Dollar traded between ₦1,405 and ₦1,420 in major cities such as Lagos, Kano, and Abuja. While a margin still exists between official and unofficial rates, the spread remains relatively tight at about ₦25 to ₦35.

Operators in the Bureau De Change (BDC) segment attribute this moderation to steady forex supply from the CBN for retail and “invisible” demand needs, including travel and education-related payments. This ongoing supply has reduced speculative activity and limited sharp fluctuations typically seen in the informal market.

Macroeconomic Drivers
The Naira’s performance is reinforced by strong fundamentals. Nigeria’s external reserves remain close to $50 billion, providing adequate backing for currency management. High global oil prices, with Bonny Light trading above $103 per barrel, continue to generate foreign exchange inflows. Inflation has also eased to 15.06%, while the Monetary Policy Rate (MPR) stands at 26.5%, contributing to improved investor sentiment.

Outlook
Market participants anticipate the Naira will remain within a band of ₦1,375 to ₦1,395 through the week. Although corporate demand for foreign exchange may rise toward quarter-end, abundant liquidity in the financial system—estimated at over ₦8 trillion—is expected to mitigate potential upward pressure on the Dollar.

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