Today, March 9, 2026, the Nigerian Naira slightly weakened against the US dollar to start the second full trading week of March 2026. The local currency is navigating a period of moderate volatility as corporate demand for the upcoming month starts to peak, according to real-time data from the Nigerian Foreign Exchange Market (NFEM) and unofficial trading channels.
During the early morning session, the Naira opened at 1,384.74 per dollar in the official NFEM window. The rate gradually changed as trading continued and market players modified their positions; by mid-morning, it had reached 1,391.83. The exchange rate had stabilised at roughly 1,391.58 per dollar by 5:30 AM WAT.
BrandSpur banking and finance news desk reports that this movement follows the closing rate of 1,398.00 noted at the end of the previous week, on March 6. The market remains distinguished by increased transparency, despite minor intraday swings. To satisfy the needs of manufacturers and institutional investors, the Central Bank of Nigeria (CBN) continues to prioritise liquidity supply, according to authorised dealers.
This helps to avoid the abrupt, unpredictable devaluations of prior years.
The success of the CBN’s rate harmonisation strategy is demonstrated by the black market’s continued close alignment with the official rate. The dollar is being exchanged at rates between 1,400 and 1,410 per dollar in unofficial trading hubs located throughout Lagos, Kano, and Abuja.
Currently estimated to be between 1% and 1.5%, the gap between the official and “black market” windows is still quite small. Although Monday mornings usually see a spike in retail demand for small-scale business transactions and personal travel, traders observe that speculative pressure has remained relatively low due to the steady supply of foreign currency through Bureau De Change (BDC) operators.
