The Nigerian naira maintained relative stability against the United States dollar on Monday, March 23, 2026, across key segments of the foreign exchange market, reflecting ongoing efforts to sustain liquidity and manage demand pressures.
At the official market, the local currency traded around ₦1,357 per dollar, showing only marginal movement compared to the previous session. Data indicates that the exchange rate has remained within a narrow band in recent days, highlighting a period of cautious stability in the Nigerian Foreign Exchange Market (NFEM).
In the parallel market, commonly referred to as the black market, the naira exchanged at slightly higher levels, with rates typically reflecting stronger demand for foreign currency outside official channels.
Market participants attribute the current trend to a balance between supply interventions and persistent demand for dollars, particularly from importers and businesses with foreign obligations. Analysts note that the Central Bank of Nigeria’s policies—especially the “willing-buyer, willing-seller” framework—continue to moderate volatility and discourage speculative trading.
Recent trading sessions have also shown intermittent gains for the naira. For instance, the currency strengthened to about ₦1,345 per dollar last week, marking its strongest level in over a month before easing slightly.
Despite these improvements, the naira remains sensitive to broader economic factors, including foreign exchange inflows, oil revenue performance, and global dollar demand. Experts say sustained stability will depend on consistent FX supply and continued policy coordination by monetary authorities.
Overall, while short-term fluctuations persist, the naira’s performance suggests a gradual consolidation phase in Nigeria’s foreign exchange market.
