Trending 
The naira remained stable against the US dollar on Thursday, March 19, 2026, as the foreign exchange market continued to respond to rising global oil prices and a strong buildup in the country’s external reserves.
At the Nigerian Foreign Exchange Market (NFEM), the naira showed early signs of resilience during morning trading. Real-time data placed the currency at an average of N1,357.11 to the dollar — only a slight shift from Wednesday’s close. Trading activity remained solid thanks to the recent interventions from the Central Bank of Nigeria (CBN).
The relative calm at the official window follows a significant rise in Nigeria’s gross external reserves, which recently climbed to a 13-year high of $50.03 billion. CBN Governor Olayemi Cardoso said the increase gives the bank enough “firepower” to manage volatility, even as geopolitical tensions in the Middle East push Brent crude prices above $100 per barrel.
In the parallel market, the naira also held firm. Bureau De Change operators across key locations — including Lagos (Ikeja and Lagos Island) and Abuja (Wuse Zone 4) — quoted the dollar at N1,410 for buying and N1,415 for selling.
The gap between official and parallel market rates remains under close watch. Although it has narrowed considerably since reforms were introduced in mid-2025, a difference of about N53 to N58 still exists. Analysts attribute this to sustained demand from small businesses and individuals paying for international school fees and travel.
Even with the current stability, the CBN has urged caution, particularly around the risk of “imported inflation.” In a statement on Thursday, the bank noted that while higher oil prices boost foreign exchange earnings, they could also drive up the cost of energy and transportation — putting pressure on the headline inflation rate, which recently eased to 15.06%.
Market watchers say the Nigerian currency is now in a “consolidation phase.” With the Dangote Refinery ramping up operations to about 700,000 barrels per day, demand for foreign exchange to import fuel is expected to decline further, which could help support the currency in the months ahead.
