The Nigerian Naira maintained stability against the US Dollar on Thursday, March 19, 2026, trading at an average of N1,357.11/$1 in the official market, buoyed by rising global oil prices and robust external reserves.
Early trading in the Nigerian Foreign Exchange Market (NFEM) reflected calm, with only slight fluctuations compared to Wednesday’s close.
Market activity remained strong, supported by interventions from the Central Bank of Nigeria (CBN), which recently reported external reserves hitting a 13-year high of $50.03 billion.
In the parallel or black market, the dollar was quoted at N1,410 for buying and N1,415 for selling in key centres such as Ikeja, Lagos Island, and Abuja’s Wuse Zone 4.
Analysts noted that despite improvements following 2025 forex reforms, a gap of about N53–N58 persists between official and parallel rates.
The CBN cautioned about imported inflation risks, while the Dangote Refinery’s increased output is expected to reduce fuel imports, easing forex demand and potentially strengthening the Naira further.
