Naira to Dollar rate today, Friday, March 6, 2026
The Nigerian Naira ended the first full trading week of March 2026 on a relatively stable note against the US Dollar, trading around 1,385 per dollar despite showing slight softness.
Data from the Nigerian Foreign Exchange Market (NFEM) and parallel market channels indicate that the Naira traded within a steady range.
The currency’s performance was supported by strong national reserves and easing inflation pressure.
Official Market Performance (NFEM)
At the official NFEM window, the Naira opened at 1,385.42 per dollar during the early trading hours on Friday. By 3:00 AM WAT, the rate slightly improved to 1,385.20 per dollar.
The figure followed the previous day’s closing rate of 1,385.30, suggesting the market is currently in a consolidation phase.
Compared to late February, when the Naira traded closer to the 1,360 mark, the current rate shows a mild week-on-week depreciation. However, market liquidity remains steady.
Authorised dealers said the Central Bank of Nigeria (CBN) continues to operate the “willing-buyer-willing-seller” model. The approach has helped reduce the sharp intraday volatility previously seen in the market.
Parallel Market Trends
In the parallel market, the dollar traded between 1,395 and 1,405 per dollar.
The difference between the official and parallel market rates remains narrow, estimated at around 1.5 percent.
Traders in Lagos and Abuja said demand towards the end of the week mainly comes from personal travel and small business transactions. They noted there are no signs of speculative hoarding.
The small gap between both markets suggests that the central bank’s supply of foreign exchange to Bureau De Change operators is meeting retail demand.
Macroeconomic Factors and Outlook
Several economic factors are currently supporting the Naira.
Nigeria’s external reserves recently reached 50.45 billion dollars, marking a 13-year high. The reserves provide about 9.68 months of import cover, strengthening the CBN’s ability to stabilise the exchange rate.
Inflation has also slowed. Headline inflation dropped to 15.10 percent in the latest report, down from the 34.19 percent peak recorded in 2024.
Another factor is the operation of the Dangote Petroleum Refinery, which has reportedly absorbed part of rising global crude prices. This reduces the need for foreign exchange used for importing refined products.
Meanwhile, crude oil production remains steady at about 1.46 million barrels per day, ensuring a consistent flow of foreign exchange earnings.
Analysts expect the Naira to close the week trading between 1,380 and 1,390 per dollar.
Attention is now turning to mid-month trade data, which could provide further insight into the effect of recent interest rate adjustments.