Naira Depreciates Across Markets
The Nigerian naira started the new trading week on a bearish note, losing value against the US dollar in both the official and parallel foreign exchange markets. In the parallel market, the naira fell by N5 to trade at N1,380 per dollar, down from N1,375 previously. Similarly, on the GTBank FX desk, the currency weakened by N1 to N1,373 per dollar, after opening at N1,372.
Official Market Performance
At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira dipped by N0.63, or 0.05 percent, closing at N1,362.84 per dollar compared to N1,362.21 in the prior session. Interbank FX turnover rose significantly, reaching $92.248 million from $73.565 million, driven by 90 deals.
Mixed Performance Against Other Currencies
Despite the decline against the dollar, the naira strengthened against other major currencies. It gained N2.30 against the British pound, closing at N1,821.29 per pound, and appreciated by N0.23 against the euro to N1,574.35. Analysts attribute the pressure on the naira to ongoing demand-supply imbalances in the forex market.
Market Expectations and CBN's Role
Aminu Gwadabe, President of the Association of Bureau de Change Operators of Nigeria (ABCON), emphasized the need for stronger collaboration between the Central Bank of Nigeria (CBN) and stakeholders. Traders expressed optimism that the newly released 4th edition of the CBN foreign exchange manual would enhance market flexibility and compliance. The CBN stated the guidelines aim to improve obligations for Authorized Dealers and streamline forex transactions.
Other Official Closing Rates
- CFA: N2.4164
- Chinese Yuan: N200.9851
- Euro: N1,574.3524
- British Pound: N1,821.2990
- US Dollar: N1,362.8397
External Reserves Decline
Earlier reports from Legit.ng indicated that Nigeria's foreign reserves dropped for seven consecutive days, falling to $49.57 billion as of March 24, 2026, from a peak of $50.02 billion on March 11. Provisional balance of payments data showed the surplus declined to $14.04 billion in 2025 from $19.03 billion in 2024, though it remained above the $6.42 billion recorded in 2023.
