The Nigerian naira held steady against the US dollar on Thursday, March 19, 2026, as the foreign exchange market continued to benefit from rising global oil prices and a strong increase in the country’s external reserves.
At the official market, the currency showed little movement in early trading, hovering around N1,357 per dollar. This stability was supported by sustained activity in the market and recent interventions by the Central Bank of Nigeria, aimed at managing volatility and improving liquidity.
A key factor behind the naira’s resilience is the growth in Nigeria’s external reserves, which recently climbed to over $50 billion — the highest level in more than a decade. This has strengthened the central bank’s ability to defend the currency and maintain confidence in the market. At the same time, higher crude oil prices, driven by global tensions, have boosted the country’s foreign exchange inflows.
In the parallel market, the naira also remained relatively stable, with rates averaging around N1,410 for buying and N1,415 for selling in major cities like Lagos and Abuja. Although the gap between the official and unofficial markets has reduced compared to previous periods, a noticeable difference still exists due to continued demand for foreign currency from importers, students, and travellers.
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Despite the current stability, concerns remain about inflationary pressures. The Central Bank has warned that rising global oil prices, while beneficial for revenue, could increase the cost of transportation and goods, potentially affecting inflation levels.
Analysts believe the naira is currently in a consolidation phase, with expectations that improved local refining capacity and reduced reliance on fuel imports could further support the currency in the coming months.
