Naira's value against the US Dollar as of March 10, 2026

The Nigerian Naira has maintained its stability against the US Dollar on Tuesday, March 10, 2026, amid cautious trading, according to data from the Nigerian Foreign Exchange Market and informal channels, which indicate the currency is absorbing increased corporate demand. This stability is supported by high liquidity and a 13-year peak in foreign reserves.

In the official market, the Naira started the day at 1,398.24 per dollar, reaching a high of 1,398.82 before gaining some ground, and by mid-morning, it had appreciated to 1,396.24 per dollar.

The current levels reflect a consolidation phase following the close of last week’s trading, with the Central Bank of Nigeria ensuring the “willing-buyer-willing-seller” model remains functional, preventing speculative spikes.

Authorized dealers report that the Central Bank of Nigeria has been proactive in maintaining this model, which has historically prevented market volatility on Tuesday mornings.

In the parallel market, the exchange rate continues to mirror the official window with a minimal premium, with the dollar being exchanged at rates ranging between 1,405 and 1,415 per dollar in major hubs like Lagos and Abuja.

The spread between the official and “black market” rates remains narrow, holding steady at approximately 1% to 1.5%, attributed to the CBN’s consistent supply to Bureau De Change operators.

This sustained convergence is a result of the CBN’s efforts to decentralize foreign exchange access and reduce the urgency for high-premium transactions in the informal sector, according to market analysts.

Record external reserves, which recently surpassed the 50 billion dollar mark, are providing a supportive backdrop for the Naira, offering a defense against currency volatility and external shocks.

The inflationary outlook, with headline inflation slowing to 15.10%, has also stabilized the real value of the Naira, making it more attractive to investors.

Consistent oil inflows, with crude oil production remaining steady at 1.46 million barrels per day, are ensuring a reliable stream of petrodollars that underpins the stability of the NFEM.

Interest rate sentiment, following the 50-basis-point cut in the Monetary Policy Rate to 26.5% late last month, has entered a stabilization phase that favors long-term capital inflows.

As the trading day progresses, experts anticipate the Naira will continue to trade within a range of 1,390 to 1,405 in the official window, as the market prepares for mid-week liquidity assessments.