Naira Strengthens Against Dollar on March 30, 2026

On March 30, 2026, the Nigerian naira demonstrated strength against the US dollar, opening the week at an average exchange rate of 1,382.18 per dollar, reflecting a slight appreciation from the previous week's close of 1,384.25. This 0.15 percent gain is attributed to improved liquidity in the foreign exchange market, with turnover reaching $172.9 million in the last trading session.

The Central Bank of Nigeria's (CBN) upgrade of the electronic foreign exchange market system has enhanced transparency and efficiency. Additionally, the CBN's decision to lower the stop rate on longer-dated treasury bills has eased yield pressures, encouraging a stable valuation of the naira.

The parallel market rates for the naira are reported between 1,405 and 1,420 per dollar, with a narrow premium spread. Nigeria's external reserves remain robust at nearly $50 billion, providing the CBN with sufficient capacity to defend the currency against sudden shocks, supported by stable oil revenues.