The Nigerian Naira opened the new month with cautious stability against the US Dollar on Monday, March 2, 2026.
Real-time data from the Nigerian Foreign Exchange Market (NFEM) and informal trading desks showed the currency holding recent gains as investors reacted to rising foreign reserves and slowing inflation.
In the official NFEM window, the Naira began trading at 1,359.58 per dollar. By mid-morning, it touched ₦1,360.00 before settling near ₦1,359.99.
This slight adjustment followed the Central Bank of Nigeria’s recent 50-basis-point cut in the Monetary Policy Rate.
Market liquidity remained strong, supported by foreign portfolio inflows. The CBN’s willing-buyer-willing-seller model helped prevent sharp intraday swings.
The parallel market closely tracked the official rate, with the dollar trading between ₦1,365 and ₦1,375 in Lagos, Abuja, and Kano.
The spread between official and informal rates stayed narrow at about 1%, a sharp contrast to past years. Traders said consistent supply through authorized channels has reduced speculative pressure.
Several key factors are supporting the Naira. Nigeria’s foreign reserves rose to $49.51 billion in February, the highest in 13 years.
Inflation slowed for the tenth straight month, recorded at 15.10% in January. Oil production remained steady at 1.46 million barrels per day, while Bonny Light crude averaged $71.87.
Nigeria also posted its largest trade surplus on record, strengthening the current account.
Market watchers expect the Naira to trade between ₦1,355 and ₦1,365 in the official window this week as the financial sector adjusts to the new interest rate environment.
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