The Nigerian Naira remained relatively stable against the US Dollar on Wednesday, March 18, 2026, supported by a surge in global oil prices and a milestone rise in the country’s external reserves.
In the official Nigerian Foreign Exchange Market (NFEM), the Naira opened slightly stronger at an average of N1,357.23 per dollar, improving from Monday’s N1,357.77 and showing recovery from last week’s N1,366.23. Analysts attribute the stability to increased liquidity and the Central Bank of Nigeria’s announcement that gross external reserves have surpassed $50 billion, alongside Brent crude prices trading above $100 per barrel due to geopolitical tensions in the Middle East.
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In the parallel market, however, the Naira traded higher, with dollars selling between N1,410 and N1,415 in Lagos and Abuja. The gap between official and black-market rates remains around N53–N58, reflecting ongoing demand from small-scale importers and individuals seeking foreign currency.
Despite the stability, domestic economic pressures persist. Challenges such as a cash crunch in the power sector and rising production costs continue to weigh on local businesses. The CBN has maintained interventions to stabilise the market, and experts suggest that if oil prices remain strong and reserves stay above $50 billion, the Naira could record further modest gains in the coming weeks.
