Naira to dollar
Olayiwola Mercy
The Naira has extended its gains against the US Dollar, trading at ₦1,355/$ as of March 17, 2026. This upward trend is attributed to increased FX supply in the official window, supported by sustained interventions from the Central Bank of Nigeria (CBN) and recent economic reforms.
According to experts, the Naira is projected to trade within a relatively narrow band of ₦1,400 to ₦1,500 per dollar in 2026, driven by improved foreign exchange inflows and dollar sales to Bureau De Change (BDC) operators.
In the parallel market, the Naira is trading at ₦1,390 (buying rate) and ₦1,405 (selling rate) per dollar, indicating a narrowing gap between official and unofficial rates.
The CBN’s ongoing monetary and foreign-exchange reforms aim to strengthen market confidence and improve liquidity. The governor of the apex central bank, Olayemi Cardoso, emphasized that these efforts are crucial for the Naira’s stability.
The Naira’s recent appreciation is also linked to improved external reserves, which rose to $34.80 billion at the end of 2025, reflecting enhanced external liquidity. This increase is expected to cushion the Naira against prolonged pressure.
Analysts attribute the Naira’s strength to a combination of factors, including increased foreign portfolio inflows, steady supply of forex from the CBN to BDC operators, and improved export earnings.
The Monetary Policy Rate (MPR), currently at 26.5%, continues to exert pressure on domestic borrowing costs as the government prioritizes inflation control and currency defense .
Overall, the Naira’s performance suggests a positive outlook, with experts predicting sustained stability in 2026, supported by improved liquidity and market discipline.
