By Boluwatife Oshadiya | March 4, 2026
Key Points
- Naira hits ₦1,405/$ intraday high before closing at ₦1,384/$
- FX trades range between ₦1,370 and ₦1,405 per dollar
- External reserves approach $50 billion amid sustained inflows
Main Story
The naira touched an intraday high of ₦1,405 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Tuesday before settling at ₦1,384/$, according to data published by the Central Bank of Nigeria (CBN).
The local currency strengthened from ₦1,378/$ recorded in the previous session, even as foreign payment pressures persisted in the official window. Spot rates traded within a band of ₦1,370/$ to ₦1,405/$ during the session.
Market data indicates the naira has trended weaker over the past 10 sessions following the CBN’s foreign exchange purchase activity in February. However, analysts expect relative stability supported by improving liquidity conditions and a stronger reserves position.
Nigeria’s gross external reserves edged closer to $50 billion, buoyed by diaspora remittances and foreign portfolio investor inflows into domestic financial markets.
Global oil prices climbed during the session amid escalating geopolitical tensions in the Middle East, including disruptions to energy exports following the U.S.–Israeli conflict with Iran. Attacks on shipping routes and infrastructure closures across Gulf production hubs contributed to supply concerns.
What’s Being Said
“The naira is likely to trade with a stable bias in the near term, supported by stronger reserves and improving FX inflows,” said Bismarck Rewane, Chief Executive Officer, Financial Derivatives Company.
A senior official at the CBN noted that “FX liquidity conditions remain adequate to meet legitimate market demand within the managed float framework.”
What’s Next
- Market participants will monitor external reserve levels for sustainability signals
- Oil price volatility could influence FX inflows and fiscal receipts
- CBN intervention patterns will remain under close watch
The Bottom Line: The naira’s intraday rebound reflects improving liquidity buffers, but sustained stability will depend on consistent FX inflows and geopolitical oil price dynamics.
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