The Nigerian Naira has shown signs of appreciation in the parallel market, trading at ₦1,395 per dollar yesterday, up from ₦1,405 per dollar last week. However, the Naira depreciated to ₦1,383 per dollar in the Nigerian Foreign Exchange Market (NFEM). This represents a ₦11 depreciation for the Naira.
The Central Bank of Nigeria’s (CBN) Electronic Foreign Exchange Matching System (EFEMS) has contributed to the relative stability of the Naira, enhancing price discovery and reducing speculative spikes. The reintegration of licensed Bureau De Change operators into the official framework has also increased retail liquidity, diverting small-scale demand away from the unregulated market.
*Market Trends*
– Official Market: The Naira traded at approximately ₦1,356.74 per dollar on March 23, 2026, with intraday highs reaching ₦1,362.
– Parallel Market: The Dollar traded between ₦1,410 and ₦1,430 in Lagos and Abuja.
*Economic Outlook*
Nigeria’s external reserves hover around $50 billion, supported by steady oil production levels of 1.46 million barrels per day and favorable global crude prices. Inflation has eased slightly to 15.10%, and the banking sector has met new capital requirements, reinforcing confidence in the currency’s stability.
