The Naira ended March 2026 at N1,387 to the dollar, according to data from the Central Bank of Nigeria's website. This marked a reversal of its earlier gains in February when it had strengthened to around N1,315/$. The March depreciation reflects renewed pressure in the foreign exchange market amid persistent dollar demand. The currency had shown signs of stability in the first weeks of 2026, buoyed by increased oil revenues and tighter CBN controls. However, import demand and speculative trading have resurfaced as key drivers of volatility. The CBN has not issued a public statement on the latest movement.
The Naira's retreat to N1,387/$ after a brief recovery suggests that the CBN's forex fixes are not addressing underlying supply gaps. The bank's silence on the matter, despite clear market stress, undermines confidence in its oversight. Nigerians are left exposed to price swings that directly affect the cost of goods and services. Without structural reforms, temporary gains will keep evaporating.
