The Nigerian currency, the , remained relatively stable against the on Friday, March 13, 2026, as the trading week closed with steady performance across official and parallel foreign exchange markets.
Market data from the (NFEM) shows the naira opened trading at ₦1,398.74 per dollar before slightly appreciating to ₦1,398.63 in early trading hours.
The marginal 0.01% gain reflects a period of calm in the currency market following moderate fluctuations earlier in the week.
CBN Policy Supports Market Stability
Analysts say the stability is partly due to the “willing-buyer, willing-seller” exchange rate framework implemented by the (CBN), which has helped balance demand and supply in the foreign exchange market.
The policy has also maintained the official weekly average exchange rate around ₦1,395 per dollar, providing businesses with a more predictable environment for international trade and financial planning.
Parallel Market Rates Remain Close
In the parallel or informal market, traders in cities such as , , and reported that the dollar is currently being exchanged between ₦1,405 and ₦1,415.
The gap between official and black-market rates has remained relatively narrow, estimated at about 1% to 1.2%, indicating improved liquidity and reduced speculative trading.
Key Factors Supporting the Naira
Several macroeconomic indicators are helping sustain the naira’s stability:
- Strong Foreign Reserves: Nigeria’s external reserves have surpassed $50 billion, providing a buffer for currency management.
- Lower Inflation: Headline inflation recently eased to 15.10%, boosting investor confidence in the economy.
- Energy Sector Reforms: Increased domestic refining capacity has reduced the demand for foreign exchange used for fuel imports.
- Stable Oil Production: Crude output remains steady at about 1.46 million barrels per day, supporting foreign currency inflows.
Outlook for Next Week
Financial analysts expect the naira to remain within the ₦1,395–₦1,405 range in the short term.
However, attention will shift to global economic developments, particularly signals from the , which could influence the strength of the dollar against emerging market currencies.
