Naira Maintains Stability Against Dollar as Official Rate Settles Around ₦1,385 on March 6, 2026

 

The Nigerian Naira continued its recent trend of relative stability against the US Dollar in early Friday trading, with the official Nigerian Foreign Exchange Market (NFEM) quoting the greenback at approximately ₦1,383 to ₦1,386 per dollar.

Data from major financial platforms, including Investing.com and Trading Economics, showed the USD/NGN pair closing the previous session near ₦1,386.16 before carrying forward into March 6 with minimal movement. The mid-market rate hovered at ₦1,385–₦1,386, reflecting a marginal 0.1–0.2% daily change amid subdued volatility.

In contrast, the parallel market — often referred to as the black market — saw dollars exchanging at a premium, ranging from ₦1,390 to ₦1,410 per dollar, according to dealer quotes and aggregator sites like NgnRates and AbokiFX. The narrow spread of roughly 1–2% between official and informal rates underscores improved market alignment, attributed to sustained Central Bank of Nigeria (CBN) supply interventions and the ongoing willing-buyer, willing-seller model.

Analysts note that the Naira's performance in early March builds on a recovery from February lows around ₦1,338–₦1,340, following January peaks near ₦1,445. Steady FX inflows, tempered import demand, and cautious monetary policy have helped prevent sharp swings.

"Today's levels indicate the market is finding equilibrium," said a Lagos-based forex dealer who spoke on condition of anonymity. "With no major external shocks, we expect trading to remain within ₦1,380–₦1,395 in the official window over the weekend."

Market participants are monitoring potential CBN signals and global oil prices, which could influence future direction. For now, the stability offers some relief to importers, manufacturers, and ordinary Nigerians navigating forex needs.