The naira maintained relative stability against the United States dollar across Nigeria’s official and parallel foreign exchange markets on Friday, March 27, 2026, amid ongoing efforts to improve liquidity.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded around the ₦1,350–₦1,370 range per dollar based on recent market data and prevailing trends. Mid-market indicators showed the currency hovering near ₦1,356 to $1, reflecting marginal fluctuations in the official window.
Data from recent Central Bank figures also indicate that the naira has continued to move within a narrow band in March, largely between ₦1,360 and ₦1,380 at the official market, suggesting relative short-term stability compared to earlier volatility.
In the parallel market, also known as the black market, the naira traded at a higher rate due to persistent demand for foreign currency. Bureau de change operators in Lagos and Abuja quoted the dollar at approximately ₦1,400 to ₦1,420, depending on location and transaction volume.
This gap between the official and parallel market rates continues to reflect underlying pressures in Nigeria’s foreign exchange system, including limited dollar supply and sustained demand from importers and individuals.
Market analysts say the naira’s performance in recent weeks has been influenced by improved foreign reserves, Central Bank interventions, and global oil price movements. However, they note that demand-side pressures still pose a challenge to full exchange rate convergence.
Overall, while the naira has shown signs of stability at the official window, the disparity with the parallel market underscores ongoing structural issues in the foreign exchange market.