Dollar to Naira exchange rate today, March 16, 2026

2026-03-16 - 06:07

The Nigerian Naira opened the trading week with a slight recovery against the United States Dollar, following a period of moderate volatility in the first half of March. Market data from the Nigerian Foreign Exchange Market (NFEM) and various parallel market points across major cities like Lagos, Abuja, and Kano show a tightening of the spread between official and unofficial rates. As of the morning of Monday, March 16, 2026, the Naira is trading at an average of 1,387.89 per dollar in the official NFEM window. This represents a marginal improvement from the closing rates observed last Friday, where the currency hovered around the 1,400 mark. The intraday highs in the official segment touched 1,388.65, while the lowest recorded transaction for the day stood at approximately 1,385.67. In the parallel market, popularly known as the black market, the Naira also showed signs of resilience. Traders in Lagos reported a buying rate of 1,390 and a selling rate of 1,405 per dollar. While the parallel market remains slightly more expensive for buyers, the current gap of less than 2% between the NFEM and black market suggests that the Central Bank of Nigeria’s recent liquidity injections and monetary policy adjustments are successfully curbing extreme speculation. Market analysts attribute this relative stability to a combination of increased foreign portfolio inflows and a steady supply of forex from the CBN to Bureau De Change (BDC) operators. However, the Monetary Policy Rate (MPR), which currently sits at 26.5%, continues to exert pressure on domestic borrowing costs as the government prioritizes inflation control and currency defense. For businesses and individuals looking to transact today, the closing rates from the previous week’s end at 1,366.23 on the CBN’s official website provide a baseline, though real-time market participants are seeing the slightly higher 1,380 range due to early morning demand.