Nigeria’s currency showed resilience against the US Dollar during Thursday’s early trading session, March 12, 2026.
Real-time figures from the Nigerian Foreign Exchange Market (NFEM) and informal channels revealed the Naira holding steady, supported by strong foreign reserves.
At the official NFEM window, the Naira opened at ₦1,392.03 per dollar. It briefly touched ₦1,400.07 before settling around ₦1,399.57 by mid-morning.
This stability follows the Central Bank of Nigeria’s clearance of forex backlogs, which has improved predictability for authorized dealers.
Market turnover remained healthy under the “willing-buyer, willing-seller” model, meeting demand from manufacturers and investors.
Parallel Market Performance
The parallel market closely tracked the official window, with rates between ₦1,408 and ₦1,418 per dollar. The spread remains narrow at about 1% to 1.3%.
Traders in Lagos and Abuja noted steady retail demand for business and travel allowances. They also said speculative hoarding has been absent due to consistent forex availability from licensed Bureau De Change operators.
Several economic indicators are driving the Naira’s current trajectory. Nigeria’s external reserves stand above $50 billion, giving the CBN leverage to manage fluctuations.
Headline inflation slowed to 15.10%, improving investor confidence. The Monetary Policy Rate at 26.5% continues to attract foreign portfolio investment. Additionally, increased domestic refining capacity has reduced forex demand for fuel imports.
As trading continues, market watchers expect the Naira to remain within a tight band of ₦1,395 to ₦1,405 in the official window.
Stakeholders are now awaiting upcoming trade balance reports for further direction on the currency’s outlook this quarter.
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