Naira to US Dollar conversion for March 16, 2026

The Nigerian Naira began the trading week on a somewhat positive note, rebounding slightly against the United States Dollar after experiencing moderate fluctuations in the first half of March, with market data from the Nigerian Foreign Exchange Market and parallel markets in cities like Lagos, Abuja, and Kano indicating a narrower spread between official and unofficial exchange rates.

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As of Monday, March 16, 2026, the Naira was trading at an average of 1,387.89 per dollar in the official NFEM window, marking a slight improvement from the previous Friday's closing rates, which hovered around the 1,400 mark.

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The official segment saw intraday highs of 1,388.65 and a low of approximately 1,385.67, demonstrating a degree of stability in the market.

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In the parallel market, also known as the black market, the Naira showed signs of resilience, with traders in Lagos reporting a buying rate of 1,390 and a selling rate of 1,405 per dollar.

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The current gap of less than 2% between the NFEM and black market rates suggests that the Central Bank of Nigeria's recent measures to inject liquidity and adjust monetary policy are effectively curbing extreme speculation.

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Market analysts attribute the relative stability to a combination of increased foreign portfolio inflows and a steady supply of forex from the CBN to Bureau De Change operators.

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The Monetary Policy Rate, currently at 26.5%, continues to exert pressure on domestic borrowing costs, as the government prioritizes inflation control and currency defense.

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For businesses and individuals looking to transact, the closing rates from the previous week's end, which stood at 1,366.23 on the CBN's official website, provide a baseline, although real-time market participants are seeing rates in the 1,380 range due to early morning demand.