Dollar to Naira Exchange Rate Today, March 31, 2026

As the first quarter of 2026 concluded, the Nigerian Naira exhibited a stable performance against the United States Dollar within the official market, despite facing growing pressures on the country’s external reserves.

On March 31, 2026, the Nigerian Foreign Exchange Market (NFEM) reported that the Naira opened the trading session at ₦1,385.60 per Dollar. Real-time observations throughout the morning indicated a slight appreciation in the Naira’s value, with the exchange rate rising to ₦1,383.37 by mid-morning.

This rise marks a marginal improvement for the Naira as it seeks stability after experiencing volatility earlier in the month.

The relative stability in the official window is supported by the Central Bank of Nigeria’s (CBN) refined Electronic Foreign Exchange Matching System (EFEMS), which has improved price discovery. However, market participants remain cautious as the bank continues to navigate a complex environment of shifting capital flows and corporate end-of-quarter demand.

In the informal or “black market,” the Naira is trading within a narrow range, mirroring the stability seen in the official segment. Traders in major hubs like Lagos and Abuja are currently quoting the Dollar between ₦1,405 and ₦1,420 for selling. The spread between the official and parallel rates remains tight, sitting at approximately ₦22 to ₦35, a significant achievement in the CBN’s ongoing effort to unify the exchange rate regimes.

Market analysts note that the recent directive for International Money Transfer Operators (IMTOs) to route all remittances through Naira settlement accounts has started to influence market sentiment. While the policy is set for full implementation in May, its announcement has already begun to curb speculative interest in the parallel market.