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Traders in the Foreign Exchange Market reported a steady supply from autonomous sources as the naira opened at ₦1,385.27 per Dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday.
The day marks the beginning of the second quarter in 2026 and there is usually a surge in demand on the first day of every quarter because firms settle international voices around this period.
As a result of the high level of system liquidity, which exceeded ₦8 trillion at the end of March, any immediate spikes in the rate have been prevented.
Nigeria’s accounts remain substantial at approximately $49.40 billion. This is despite a moderate decline in gross reserves toward the end of March.
The sustained production and favourable global prices which Bonny Light has enjoyed continue to provide the necessary foreign exchange liquidity to meet domestic demand.
The consistent use of the Electronic Foreign Exchange Matching System (EFEMS), which has significantly curtailed the sharp, unpredictable volatility seen in previous years, also contributes to the stability of the naira in the official window.
Market analysts expect the naira to trade within the ₦1,380 to ₦1,420 corridor throughout the first week of April, while waiting on the Central Bank of Nigeria’s (CBN) next move regarding interest rates.
The naira came under renewed pressure in the foreign exchange market on March 24 as rising demand for the United States dollar led to a depreciation in both the official and parallel markets.
