The Nigerian Naira faced renewed pressure in the foreign exchange market today, March 24, 2026, as increased demand for the United States Dollar triggered a noticeable depreciation across both the official and parallel market segments.
Data from the Nigerian Foreign Exchange Market (NFEM) indicates that the Naira weakened by approximately 2.48 percent during the early hours of Tuesday’s trading session. The Dollar was quoted at an opening average of ₦1,388.38, representing a decline of ₦34.48 compared to the ₦1,353.90 recorded at the close of the previous week.
The informal market mirrored the official window’s downward trend, with the Naira shedding value as speculative activity resurfaced. In major trading hubs like Lagos, Kano, and Abuja, bureau de change operators quoted the Dollar between ₦1,415 and ₦1,425 for selling, down from ₦1,400 earlier in the week.
Interestingly, while both markets saw the Naira lose ground, the gap between the official and parallel rates has narrowed to approximately ₦27. This convergence is a positive byproduct of the CBN’s ongoing unification reforms, though the narrowing spread today was largely driven by the official rate moving closer to the street price rather than an appreciation of the local currency.
