The Nigerian Naira opened trading at the official window on Monday, March 23, 2026, at approximately ₦1,356.74 per dollar, following a period of moderate volatility observed in mid-March.
Exchange rates had fluctuated between ₦1,344 and ₦1,370 in recent weeks. Data from the Nigerian Foreign Exchange Market showed that while the intraday high reached ₦1,362.00 in recent sessions, closing averages remained close to the ₦1,355 mark.
The broader economic environment, including Nigeria’s external reserves, provided support for the Naira during the quarter. Supported by steady oil production levels of about 1.46 million barrels per day and favourable global crude oil prices, Nigeria’s external reserves recently hovered around the $50 billion mark.
Policy direction from the Central Bank of Nigeria also influenced market sentiment, as the Monetary Policy Committee maintained a cautious stance. The apex bank has kept interest rates high to combat inflation, which dropped slightly to 15.10% earlier this year.
Investor confidence also improved after the Central Bank announced that 30 major banks had met the new capital requirements ahead of the March 31 deadline, a move expected to strengthen the Nigerian banking sector and support financial stability.
