Naira climbs sharply, gains ₦13 against dollar in one day

The Nigerian Naira continued its upward trend against the United States Dollar at the official foreign exchange market on Tuesday, extending the gains recorded earlier in the week.

Data released by the Central Bank of Nigeria showed that the Naira appreciated to ₦1,344.42 per dollar, compared to ₦1,357.77 on Monday.

This indicates a notable gain of ₦13.35 within a single day, surpassing the ₦8.46 improvement recorded in the previous trading session.

The steady appreciation suggests growing confidence in the official market, as well as possible improvements in foreign exchange liquidity and ongoing monetary interventions by the apex bank aimed at stabilizing the currency.

However, the situation remained unchanged at the parallel (black) market, where the Naira traded flat at ₦1,430 per dollar, the same rate recorded last Friday.

The gap between the official and parallel market rates continues to reflect underlying demand pressures in the foreign exchange market.

Meanwhile, Nigeria’s external reserves recorded a slight decline, dropping to $49.87 billion as of March 16, 2026, from $50.01 billion on March 12, according to figures from the central bank.

This marginal decrease may be linked to efforts to support the Naira and meet foreign exchange obligations.

Market activity is expected to slow down as trading for the week will conclude on Wednesday ahead of the Eid-ul-Fitr holidays on Thursday and Friday.

Analysts say the recent appreciation of the Naira could provide some relief for importers and help ease inflationary pressures if the trend is sustained.

Overall, the Naira’s performance this week signals a positive short-term outlook, although experts continue to watch key factors such as foreign reserves, oil earnings, and policy consistency to determine whether the gains can be maintained in the coming weeks.