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The Nigerian naira traded with limited movement against major currencies at the start of the week on Monday, March 2, 2026.
At the Nigerian Foreign Exchange Market (NFEM), the naira opened at 1,359.58 per dollar.
It later touched 1,360.00 before trading around 1,359.99 in early deals.
The movement follows the Central Bank of Nigeria’s (CBN) decision to reduce the Monetary Policy Rate (MPR) by 50 basis points to 26.5 percent in late February.
In the parallel market, the dollar was quoted between 1,365 and 1,375 in Lagos, Abuja and Kano. The spread between the official and parallel market rates was about one percent.
Market participants reported steady demand from importers and travellers, with foreign exchange supply continuing through authorised channels.
Against the British pound, the naira opened at 1,826.51 in the official window. It later traded between 1,825.26 and 1,828.14 in early transactions.
In the parallel market, the pound was quoted between 1,842 and 1,855. The spread between official and informal market rates was approximately 1.2 percent.
The CBN’s monetary easing decision came amid recent data indicating a moderation in inflation and an increase in external reserves.
