MARCH 23, 2026: NAIRA VS DOLLAR EXCHANGE RATE

March 23, 2026

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By:Tajudeen Aminat

The Naira opened in the official market on Monday at approximately ₦1,356.74 to the Dollar, following a period of moderate volatility recorded in mid-March.

Exchange rates have fluctuated within the range of ₦1,344 to ₦1,370.

Data from the Nigerian Foreign Exchange Market (NFEM) indicates that intraday highs have reached ₦1,362.00 in recent sessions, while closing averages have remained close to ₦1,355.

The broader economic environment, including the level of external reserves, has provided some support for the Naira this quarter.

Backed by steady oil production of about 1.46 million barrels per day and favorable global crude oil prices, Nigeria’s external reserves have recently stood at around $50 billion.

In addition, policy adjustments by the Central Bank of Nigeria (CBN) have reflected a cautious approach, with the Monetary Policy Committee (MPC) signaling prudence in its decisions.

The apex bank has kept interest rates elevated to curb inflation, which eased slightly to 15.10% earlier this year.

Investor sentiment has remained upbeat following the Central Bank of Nigeria’s announcement that 30 major banks met the new capital requirements ahead of the March 31 deadline.