The naira remained relatively stable against the United States dollar across Nigeria’s official and parallel foreign exchange markets on Friday, March 27, 2026, amid continued efforts to boost liquidity.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded within the ₦1,350–₦1,370 range per dollar, based on recent market data and prevailing trends. Mid-market indicators showed the currency hovering around ₦1,356 to $1, indicating slight fluctuations in the official window.
Recent data from the Central Bank also show that the naira has continued to trade within a narrow band throughout March, largely between ₦1,360 and ₦1,380 in the official market, pointing to relative short-term stability compared to earlier volatility.
In the parallel market, also referred to as the black market, the naira traded at a higher rate due to sustained 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.
The gap between the official and parallel market rates continues to highlight underlying pressures within Nigeria’s foreign exchange system, including limited dollar supply and persistent demand from importers and individuals.
Market analysts say the naira’s performance in recent weeks has been shaped by improved foreign reserves, Central Bank interventions, and movements in global oil prices. However, they note that demand-side pressures still present a challenge to achieving full exchange rate convergence.
Overall, although the naira has demonstrated signs of stability in the official window, the disparity with the parallel market reflects ongoing structural challenges in the foreign exchange market.