Dollar to Naira exchange rate today, March 2, 2026

The Nigerian Naira kicked off March with measured steadiness against the US Dollar on Monday, March 2, 2026, as market indicators pointed to continued resilience.

Figures obtained from the Nigerian Foreign Exchange Market (NFEM) alongside parallel market sources show the currency sustaining its recent recovery, buoyed by foreign reserves climbing to a 13-year high and ongoing signs of easing inflation.

Trading at the official NFEM window began the week with the Naira quoted at 1,359.58 to the dollar.

As transactions progressed through the early hours, the exchange rate edged slightly upward to 1,360.00 before stabilizing around 1,359.99 as of 6:00 AM WAT.

The movement represents a modest shift from late-February closing figures, as traders adjust positions following the recent 50-basis-point reduction in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN).

Liquidity conditions in the official market remain strong, underpinned by sustained foreign portfolio investments. The apex bank’s adherence to the willing-buyer-willing-seller framework continues to provide direction for pricing, helping to curb the kind of volatile intraday swings that previously unsettled participants.

In the informal segment, the dollar traded within a range of 1,365 to 1,375 across key commercial centres such as Lagos, Abuja, and Kano. The gap between official and parallel market rates remains notably slim at about one percent a sharp contrast to the pronounced disparities recorded in earlier periods.

Currency dealers say that although the start of the week often sees increased dollar demand from small importers and travelers, steady availability through authorised channels has limited speculative activity.

The narrowing spread between both markets indicates that ongoing transparency measures are discouraging currency hoarding and reinforcing confidence in the system.