Dollar to Naira Exchange Rate Today, March 23, 2026

The Nigerian Naira maintained a steady path against the United States Dollar at the start of the new trading week, as activities in the Nigerian Foreign Exchange Market (NFEM) and the parallel market reflect the ongoing impact of recent Central Bank of Nigeria (CBN) policy shifts.

Official Market Performance (NFEM)

In the official window, the Naira opened the day with a slight adjustment, trading at approximately ₦1,356.74 per Dollar. This follows a period of moderate volatility observed in mid-March, where the rate fluctuated between ₦1,344 and ₦1,370. Data from the NFEM shows that while the intraday high reached ₦1,362.00 in recent sessions, the closing averages remain anchored near the ₦1,355 mark.

Market analysts attribute this relative stability to the CBN’s refined Electronic Foreign Exchange Matching System (EFEMS), which has enhanced price discovery and reduced the speculative spikes common in previous years.

Parallel Market Trends

In the informal or “black market,” the Naira continues to trade at a premium, though the gap between official and parallel rates remains narrower than historical highs. As of the morning of March 23, 2026, street traders in Lagos and Abuja are quoting the Dollar between ₦1,410 and ₦1,430, depending on the volume of the transaction.