Naira Ends March 2026 at N1,387/$ Amid Forex Volatility

The Nigerian Naira closed at N1,387/$ on March 31, 2026, amid renewed volatility in the foreign exchange market. Earlier in the month, the currency had appreciated to N1,340 on February 18 but faced significant weakening, dropping to N1,425 by March 9, its worst close in six weeks due to heightened geopolitical tensions in the Middle East and a strengthening U.S. dollar.

Throughout March, the Naira fluctuated between N1,362 and N1,391 before settling at N1,387. Additionally, Nigeria's foreign reserves declined from $50.03 billion on March 11 to $49.29 billion by March 30, a drop of approximately $547 million, signaling ongoing external pressures.

Analyst Sam Ogbarku from Kwik Securities Ltd noted that the currency's depreciation pattern is gradual rather than abrupt, suggesting persistent external strain. The Naira's performance remains closely tied to global oil prices and the strength of the U.S. dollar, impacting various sectors of the economy, including imports and exports.