The naira continued to trade within a narrow range against the United States dollar on Tuesday, March 31, 2026, across both official and parallel foreign exchange markets.
At the official window, data indicates that the local currency exchanged at approximately ₦1,350 to ₦1,360 per dollar, with recent figures hovering around ₦1,355/$1.
The rate reflects ongoing efforts by the Central Bank of Nigeria (CBN) to stabilise the currency through its managed float system.
Meanwhile, at the parallel market, commonly referred to as the black market, the naira depreciated further, trading between ₦1,400 and ₦1,420 per dollar.
Currency dealers reported buying rates around ₦1,400 and selling rates slightly above ₦1,410, depending on location and demand.
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The gap between the official and parallel market rates persists despite policy interventions aimed at improving liquidity and narrowing arbitrage opportunities.
Analysts say fluctuations in the exchange rate continue to be driven by foreign exchange supply constraints, speculative demand, and broader macroeconomic pressures.
They also note that rates may vary across cities such as Abuja and Lagos due to local demand dynamics.
