Naira To Dollar Exchange Rate Today, March 24, 2026

The naira opened the week on a weaker note, with the dollar quoted at an average of ₦1,388.38—marking a decline of ₦34.48 compared to the ₦1,353.90 recorded at the close of the previous week.

This movement comes amid operations on the Central Bank of Nigeria’s Electronic Foreign Exchange Matching System (EFEMS). Despite relatively stable intraday trading, the exchange rate briefly climbed as high as ₦1,395.00 before easing slightly.

Market analysts attribute the recent pressure on the naira to a surge in demand driven by end-of-quarter corporate obligations, alongside a temporary slowdown in autonomous foreign exchange inflows.

The current volatility also aligns with a marginal drop in Nigeria’s external reserves. After hitting a 13-year high of $50.45 billion in February 2026, reserves have since declined to $49.78 billion as of mid-March, according to data from the apex bank.

Although Bonny Light crude continues to trade above $100 per barrel, structural challenges such as production constraints and existing crude-backed commitments have slowed the translation of higher oil prices into immediate foreign exchange liquidity.

Additionally, sustained capital outflows and rising geopolitical tensions in the Middle East have further weighed on global financial flows, contributing to the pressure on the local currency.