Dollar to Naira Exchange Rate Today, March 9, 2026

The Nigerian Naira started the second full trading week of March 2026 with a slight depreciation against the US Dollar on Monday, March 9, 2026.

Current data from the Nigerian Foreign Exchange Market (NFEM) and informal trading channels show that the local currency is experiencing moderate volatility as corporate demand increases at the beginning of the month.

In the official NFEM window, the Naira opened the day at 1,384.74 per dollar.

Throughout the morning session, as market participants adjusted their positions, the exchange rate gradually changed, reaching 1,391.83 by mid-morning. By 5:30 AM WAT, the exchange rate stabilized at approximately 1,391.58 per dollar.

This movement follows a closing rate of 1,398.00 recorded at the end of last week, March 6. Despite the slight intraday fluctuations, the market remains characterized by improved transparency. Authorized dealers report that the Central Bank of Nigeria (CBN) continues to prioritize liquidity supply to meet the demands of manufacturers and institutional investors, helping to prevent the sharp, erratic devaluations of previous years.

The parallel market continues to operate in close alignment with the official rate, reflecting the ongoing success of the central bank’s rate harmonization strategy. In informal trading hubs across Lagos, Kano, and Abuja, the dollar is being exchanged at rates ranging between 1,400 and 1,410 per dollar.

The spread between the official and “black market” windows remains narrow, currently estimated at approximately 1% to 1.5%. Traders note that while Monday mornings typically bring a surge in retail demand for personal travel and small-scale business transactions, the consistent availability of foreign exchange through Bureau De Change (BDC) operators has kept speculative pressure significantly low.