The Nigerian Naira opened the second full trading week of March 2026 with a modest decline against the US Dollar, reflecting a period of moderate market volatility as corporate demand for the new month picks up.
Official Market Performance
In the official Nigerian Foreign Exchange Market (NFEM), the Naira started Monday, March 9, at ₦1,384.74 per dollar. By mid-morning, it had shifted to ₦1,391.83, settling at ₦1,391.58 per dollar by 5:30 AM WAT. This compares with last week’s closing rate of ₦1,398.00.
Authorized dealers say the Central Bank of Nigeria (CBN) is maintaining liquidity to meet the needs of manufacturers and institutional investors, helping stabilize the currency and prevent sharp devaluations.
Parallel Market Trends
In informal trading hubs across Lagos, Kano, and Abuja, the dollar is exchanging for ₦1,400–₦1,410, showing a narrow spread of 1–1.5% compared with the official rate. Traders note that Monday mornings usually see increased demand for travel and small-scale business transactions, but consistent BDC supply has kept speculative pressure low.
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Dollar to Naira exchange rate today, March 5, 2026
Key Drivers and Outlook
Analysts point to several factors supporting the Naira:
Strong External Reserves: Nigeria’s foreign reserves recently surpassed $50 billion, giving the CBN a solid cushion to manage liquidity.
Disinflation: Headline inflation has slowed to 15.10%, improving the Naira’s real value for investors.
Oil Sector Stability: Crude production remains around 1.46 million barrels per day, with steady global prices ensuring consistent forex inflows.
Trade Performance: A narrowing trade deficit and increased domestic refining reduce pressure on the currency.
For the rest of the week, the Naira is expected to fluctuate within ₦1,385–₦1,400 per dollar, with market participants closely monitoring turnover volumes and any policy updates from fiscal authorities.
