Lagos, Nigeria — The Nigerian Naira opened the second trading session of March 2026 with a mild softening against the US Dollar, reflecting subtle shifts in liquidity and demand in the foreign exchange (FX) market. Read the latest updates on the Premium News Naija Forex page.
According to data from the Nigerian Foreign Exchange Market (NFEM) and informal trading desks, the local currency showed moderate depreciation, adjusting after a period of relative stability in the last week.
Key FX Highlights Today
- On the official market, the dollar strengthened slightly, with mid‑morning trades showing a nearly flat but softer Nigerian Naira.
- The parallel (informal) market echoed this trend, with the spread between official and parallel rates remaining narrow, underscoring improved market convergence.
- Traders in major hubs like Lagos and Abuja report steady Bureau De Change (BDC) supplies — a factor helping contain speculative spikes.
What’s Driving the Movement
- High liquidity in the FX market — banks and forex operators continue to see active flows, yet corporate demand for foreign exchange has nudged rates marginally upward.
- Robust foreign reserves — Nigeria’s external buffers remain strong, helping the Central Bank of Nigeria (CBN) manage volatility.
- Seasonal business activity — manufacturers are beginning to buy foreign currency to restock for Q2, feeding into broader demand.
Market Outlook
Analysts expect the USD/NGN exchange rate to stay within a moderate range in the coming days as the market digests current liquidity conditions and global currency flows. Continued convergence between official and parallel markets is seen as a positive signal, suggesting stabilizing sentiment among FX traders.
As always, individual consumers and businesses should watch both official and informal exchange channels for the best guidance on foreign exchange for travel, remittances, or trade.
Quick FX Snapshot
- Official USD/NGN rate (CBN/NFEM): ~₦1,350 – ₦1,390 per $1
- Parallel market (Aboki FX) buying: ~₦1,450 – ₦1,470/$1
- Parallel market (Aboki FX) selling: ~₦1,470 – ₦1,495/$1
These figures reflect recent parallel market quotes from early February 2026 — still a reasonable guide for March prices.
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