Dollar to Naira exchange rate today, March 3, 2026

2026-03-03 - 06:06

The Nigerian Naira opened the second trading session of March with a slight cooling against the US Dollar on Tuesday, March 3, 2026. Real-time data from the Nigerian Foreign Exchange Market (NFEM) and informal trading desks indicate that the local currency is adjusting following a week of steady gains, as the market balances high liquidity with a slight uptick in corporate demand. Official Market Performance (NFEM) In the official NFEM window, the Naira opened at 1,368.28 per dollar. By mid-morning, the exchange rate saw a marginal increase in volatility, with transactions peaking at 1,370.59 before settling at a mid-day quote of approximately 1,370.30. This represents a slight depreciation compared to the February 27 closing rate of 1,368.50. The current movement follows a month where the official mean rate stood at 1,364.74. Authorized dealers report that while the Central Bank of Nigeria (CBN) continues to support the market, there has been a seasonal increase in demand for foreign exchange as manufacturers begin to replenish inventories for the second quarter of the year. Parallel Market Trends The parallel market continues to operate within a very tight spread of the official rate, reflecting a successful long-term trend of market convergence. As of this morning, the US dollar is exchanging in the informal sector at rates between 1,375 and 1,382 per dollar. Traders in Lagos and Abuja note that the “black market” remains calm, with no signs of the speculative spikes that characterized the market in 2024 and 2025. The stability is largely credited to the consistent weekly supply provided to Bureau De Change (BDC) operators, which has effectively satisfied retail demand for personal travel and small business needs. Macroeconomic Outlook Several key factors are influencing the exchange rate trajectory as of March 3: Foreign Reserve Buffer: Nigeria’s external reserves remain a significant pillar of support, having recently touched a multi-year high. This provides the CBN with the necessary leverage to smooth out temporary fluctuations. Interest Rate Sentiment: Following the recent 50-basis-point cut in the Monetary Policy Rate (MPR) to 26.50%, the market is navigating a transition phase. While the cut was minor, it signaled a shift toward supporting economic growth, which can sometimes lead to short-term currency softening. Trade Surplus Impact: The country’s strong trade surplus, driven by stable oil production at 1.46 million barrels per day, continues to ensure a steady inflow of petrodollars, offsetting the demand from the service and manufacturing sectors. Analysts expect the Naira to remain within the 1,365 to 1,375 range for the remainder of the week, as the market fully absorbs the latest liquidity injections from the central bank.