Nigeria’s official exchange rate maintained a narrow trading band over the past week, with the naira fluctuating between approximately ₦1,355 and ₦1,360 per dollar in the Nigerian Foreign Exchange Market, according to recent data aligned with figures published by the Central Bank of Nigeria.
Data covering the period from March 22 to March 26, 2026, shows that the naira closed at about ₦1,355/$ on March 22, with marginal movements recorded across subsequent trading days. By midweek, the currency hovered around ₦1,356–₦1,358/$, before settling close to ₦1,357/$ toward the end of the period, reflecting a tightly managed range and limited volatility.
The apex bank’s exchange rate framework, which is based on a volume-weighted average of transactions in the official market, continues to serve as the benchmark for daily pricing. The CBN states that the system provides “empirical data for sound policy formulation,” reinforcing its role in guiding market expectations and investor decisions.
Market indicators suggest that the relative stability recorded during the week follows earlier fluctuations in March, when the naira traded at higher levels above ₦1,370/$ before appreciating toward the ₦1,350 band. Analysts attribute the recent calm to improved liquidity conditions and sustained regulatory interventions aimed at balancing supply and demand in the FX market.
Additional market data shows that the naira’s weekly movement aligns with broader trends observed in recent sessions, where the currency traded within a narrow spread, reflecting cautious equilibrium amid ongoing economic adjustments.
