Dollar to Naira exchange rate today, March 9, 2026

n n

The Nigerian Naira began the second full trading week of March 2026 with a slight easing against the US Dollar on Monday, March 9, 2026. Real-time data from the Nigerian Foreign Exchange Market (NFEM) and informal trading channels indicate that the local currency is navigating a period of moderate volatility as corporate demand for the new month begins to peak.

n

Official Market Performance (NFEM)

n

In the official NFEM window, the Naira opened at 1,384.74 per dollar during the early morning session. As trading progressed and market participants adjusted their positions, the rate experienced a gradual shift, reaching 1,391.83 by mid-morning. By 5:30 AM WAT, the exchange rate had settled at approximately 1,391.58 per dollar.

n

This movement follows a closing rate of 1,398.00 recorded at the end of last week, March 6. Despite the slight intraday fluctuations, the market remains characterized by improved transparency. Authorized dealers report that the Central Bank of Nigeria (CBN) continues to prioritize liquidity supply to meet the demands of manufacturers and institutional investors, helping to prevent the sharp, erratic devaluations of previous years.

n

Parallel Market Trends

n

The parallel market continues to operate in close alignment with the official rate, reflecting the ongoing success of the central bank’s rate harmonization strategy. In informal trading hubs across Lagos, Kano, and Abuja, the dollar is being exchanged at rates ranging between 1,400 and 1,410 per dollar.

n

The spread between the official and “black market” windows remains narrow, currently estimated at approximately 1% to 1.5%. Traders note that while Monday mornings typically bring a surge in retail demand for personal travel and small-scale business transactions, the consistent availability of foreign exchange through Bureau De Change (BDC) operators has kept speculative pressure significantly low.

n

Macroeconomic Drivers and Outlook

n

The exchange rate trajectory as of March 9 is being influenced by several key factors:

n

Record External Reserves: Nigeria’s gross foreign reserves recently surpassed the 50 billion dollar mark, providing the CBN with a formidable cushion to defend the Naira and manage market liquidity.

n

Sustained Disinflation: With headline inflation slowing to 15.10% in the most recent reports, the real value of the Naira has become more attractive to both domestic and foreign investors.

n

Oil Sector Stability: Consistent crude oil production near 1.46 million barrels per day, coupled with stable global oil prices, ensures a steady inflow of foreign exchange into the economy.

n

Trade Performance: The country’s narrowing trade deficit and increased domestic refining capacity continue to reduce the overall pressure on the foreign exchange market.

n

As the trading day continues, market analysts expect the Naira to fluctuate within the 1,385 to 1,400 range. The focus for the rest of the week will be on the volume of daily turnovers and any further policy communications from the fiscal authorities regarding economic stabilization.

n n