The Naira has seen relative stability this morning, holding steady as the Central Bank of Nigeria’s (CBN) bank recapitalization deadline arrives today.
Official NAFEM Rate
In the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the Dollar is trading at an average of ₦1,385.23. Opening rates this morning hovered around ₦1,385.60, with slight fluctuations reaching a low of ₦1,383.37 during early trading hours.
Parallel Market (Black Market) Rate
In the parallel market, the Dollar is currently trading at approximately ₦1,410.00. This reflects a narrow spread between the official and unofficial markets, continuing the trend of convergence seen throughout the first quarter of the year.
Monthly Performance & Trends
Throughout March 2026, the Naira has faced moderate pressure. At the start of the month (March 1), the exchange rate was stronger, sitting at roughly ₦1,358. The current rate of ₦1,385 represents a nearly 2% depreciation over the last 30 days.
Factors influencing this movement include:
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Recapitalization Deadline: Today is the final day for banks to meet the CBN’s new capital requirements, which has tightened liquidity in the financial system.
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Global Energy Prices: Rising energy costs due to ongoing Middle East tensions continue to impact foreign reserve expectations.
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Trade Policy: The announcement of the zero-tariff trade deal with China, set to begin in May, has provided some long-term optimism, preventing a more significant slide in the currency’s value.
