The Nigerian naira continued to weaken on Wednesday, March 4, 2026, with the currency trading at ₦1,376 per US dollar in the parallel (black) market, up from ₦1,370 previously. This marks a notable depreciation as foreign exchange pressures persist.
In the Nigerian Foreign Exchange Market (NFEM) — the official forex window — the naira also lost value, quoted at around ₦1,390 per dollar, reflecting a downward move from ₦1,376 earlier in the week.
The widening gap between the parallel and official markets suggests heightened demand for dollars across both retail and institutional levels, even as the Central Bank of Nigeria (CBN) continues to manage liquidity under its existing FX framework.
Analysts attribute the weakening naira to sustained demand for foreign currency and underlying macroeconomic pressures, including import requirements and investor sentiment. Observers say the exchange rate could remain under pressure unless there are fresh policy signals or increased dollar inflows to support the local unit.
Key FX Rates on March 4, 2026
- Parallel Market: ₦1,376 / $1
- Official Market (NFEM): ₦1,390 / $1
This depreciation trend follows similar movements earlier in the week, highlighting ongoing volatility in Nigeria’s foreign exchange markets. Analysts will be watching future CBN policy actions and external reserve levels for potential stabilising effects.
