By Seun Ibiyemi
Nigeria’s currency, the naira, recorded a mixed performance across foreign exchange markets in the week ended March 7, 2026, appreciating slightly at the official window while trading relatively stable in the parallel market.
At the official market monitored by the Central Bank of Nigeria, the naira closed the week around ₦1,363 per dollar on Friday, strengthening from about ₦1,384.5 recorded at the start of the week, reflecting a modest gain over the five trading sessions.
Read also: Naira records mixed performance across FX markets
Trading data indicated that the local currency moved within a relatively narrow band throughout the week.
The naira firmed from ₦1,384.5 per dollar on Monday to ₦1,367 on Tuesday, strengthened further to ₦1,359 on Wednesday, before slipping slightly to ₦1,368 on Thursday and ending the week stronger on Friday.
Market analysts said the improvement reflects relatively orderly trading conditions in the Nigerian Foreign Exchange Market and a gradual strengthening of the currency in recent weeks.
However, activity in the parallel market showed only marginal changes. Currency traders reported that the naira exchanged around ₦1,400 to ₦1,420 per dollar during the week, depending on location and demand conditions in major cities.
The gap between the official and parallel markets remained evident, although market watchers noted that the spread has narrowed compared with earlier periods of volatility.
Read also:Naira will drop to N1,000/$ in Weeks – Tinubu
Analysts also linked the currency’s performance to movements in Nigeria’s external reserves and ongoing reforms in the foreign exchange market aimed at improving liquidity and transparency.
Despite the modest appreciation recorded during the week, economists say the naira’s outlook will continue to depend on foreign exchange inflows, global oil prices, and sustained policy measures by the Central Bank of Nigeria to stabilise the currency.
