Dollar to Naira exchange rate today, March 17, 2026

2026-03-17 - 06:06

The Nigerian Naira has started the day with slight fluctuations against the United States Dollar, maintaining its recent trend of relative stability within the official and parallel markets. Early reports from the Nigerian Foreign Exchange Market (NFEM) and informal trading hubs indicate that while demand remains consistent, the local currency is holding its ground following recent interventions by the Central Bank of Nigeria. In the official NFEM window, the Naira opened at approximately 1,367.18 and experienced a gradual upward shift during early morning trading. By 3:00 AM, the rate had reached 1,372.21 per dollar, representing a modest depreciation of about 0.37% from the opening figures. This controlled movement suggests a balanced level of liquidity in the official sector, as market participants align their bids with the current economic indicators. The parallel market, often used as a barometer for immediate retail demand, shows a slightly different picture. In major cities like Lagos and Abuja, Bureau De Change operators are quoting the dollar between 1,395 and 1,410 for selling, depending on the volume of the transaction. The spread between the official and parallel markets remains relatively narrow, a sign that speculative pressures have been largely contained compared to the volatility seen in previous quarters. Experts point to the sustained high interest rates and the central bank’s commitment to inflation targeting as the primary drivers of the Naira’s current performance. While the cost of borrowing remains high for businesses, the resulting “carry trade” and foreign portfolio investment have provided the necessary forex supply to prevent a sharp decline in the exchange rate. For importers and individuals looking to purchase dollars today, the market is currently seeing a steady flow, though rates could see further adjustments as the full day of trading unfolds across the various financial centers.