SAT MAR 14 2026-theGBJournal| The naira experienced volatile trading during the week but ultimately closed stronger, appreciating by 0.6% week-on-week at the official foreign exchange market to N1,384.48/US$1.
The local currency’s resilience came amid sustained demand from offshore participants who increased their appetite for Nigerian assets, helping support liquidity in the market.
The appreciation also contributed to a continued narrowing of the gap between the official and parallel market exchange rates, reflecting gradual progress toward greater market alignment.
The naira was quoted at N1,410-N1420 per dollar at the parallel market, strengthening from Thursday’s rate of N1,418-N1,450.
The Central Bank of Nigeria (CBN) also intervened during the week, selling US$200.00 million, allowing the naira to end the week on a firmer note despite the choppy sessions.
In the forwards market, the naira rates appreciated across the 1-month (+0.9% to N1,400.95/US$), 3-month (+1.2% to N1,437.91/US$), 6-month (+0.6% to N1,491.86/USD) and 1-year (+0.1% to N1,597.02/US$) contracts.
Meanwhile, gross FX reserves rose by US$83.55 million w/w to US$50.03 billion as of March 11, crossing the US$50.00 billion mark and extending the build up to an eleventh consecutive week.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
