The Nigerian naira remained relatively stable against the US dollar as trading wrapped up for the week on Friday, March 13, 2026. Data from the Nigerian Foreign Exchange Market (NFEM) and informal trading channels show the currency trading within a narrow range, supported by strong liquidity and active market management by the central bank.
Official Market Performance (NFEM)
At the official window, the naira opened at 1,398.74 per dollar in the early hours of trading. Market activity stayed largely stable throughout the session, with the rate quoted at 1,398.63 per dollar by 3:00 AM WAT.
This reflects a slight appreciation of about 0.01 percent from the opening rate, suggesting a calm market after the moderate fluctuations recorded earlier in the week.
The Central Bank of Nigeria (CBN) continues to operate its “willing-buyer-willing-seller” model, which has helped balance demand and supply among authorised dealers. Market turnover remains strong, with the official weekly average rate hovering around the 1,395 level, offering stability for corporate planning and international transactions.
Parallel Market Trends
The parallel market has largely mirrored the official market trend. In informal trading centres across Lagos, Abuja, and Kano, the US dollar is currently being exchanged between 1,405 and 1,415 per dollar.
The gap between the official and “black market” exchange rates remains narrow, estimated at about 1 to 1.2 percent.
Traders say the regular weekly supply of foreign exchange to Bureau De Change (BDC) operators has helped meet retail demand for travel and small-scale business needs, reducing speculative buying that previously pushed informal market rates to extreme levels.
Key Macroeconomic Indicators
Several key economic factors are supporting the naira’s stability:
External reserves strength: Nigeria’s foreign reserves have reached a multi-year high, recently surpassing the 50 billion dollar mark. This gives the CBN strong capacity to manage liquidity and stabilise the currency during external shocks.
Disinflationary trend: Headline inflation has declined to about 15.10 percent in recent reports, strengthening the real value of the naira and improving investor confidence both locally and internationally.
Energy sector reforms: Increased production from local refineries has significantly reduced the country’s need for foreign exchange to import fuel, historically one of the biggest pressures on the currency.
Oil production stability: Crude oil output has remained steady at about 1.46 million barrels per day, ensuring consistent inflows of foreign exchange into the economy.
As the market moves into the weekend, analysts expect the naira to close the week within the 1,395 to 1,405 range. Attention in the coming week is likely to shift to global reactions to signals from the US Federal Reserve, which could influence the strength of the dollar against emerging market currencies.