Dollar to Naira Exchange Rate Today March 12, 2026: Latest Black Market and Official CBN Forex Rates

The Nigerian Naira recorded a relatively stable performance against the United States Dollar in early trading on Thursday, March 12, 2026, reflecting improved confidence in the country’s foreign exchange market and stronger macroeconomic indicators.

Latest data from the Nigerian Foreign Exchange Market indicates that the local currency is maintaining steady movement during midweek trading, supported by improved transparency in the foreign exchange system and a stronger external reserve position.

Official Exchange Rate at the Nigerian Foreign Exchange Market

At the official Nigerian Foreign Exchange Market window, the Naira opened trading at approximately ₦1,392.03 per dollar during the early hours of Thursday.

Market activity later in the morning saw the exchange rate experience mild upward pressure, briefly reaching a high of around ₦1,400.07 per dollar. By about 3:30 a.m. West African Time, the rate had adjusted slightly to about ₦1,399.57 per dollar.

The relatively stable movement follows recent reforms in the foreign exchange market, where the Central Bank of Nigeria has cleared a significant portion of outstanding foreign exchange obligations. This move has helped create a more predictable and transparent trading environment for authorised dealers and institutional participants.

Market analysts note that trading volumes remain healthy, with the “willing buyer, willing seller” framework continuing to guide transactions among banks, manufacturers and institutional investors seeking foreign exchange to meet business and import obligations.

Parallel Market Exchange Rate

In the parallel market, commonly referred to as the black market, the dollar continues to trade closely with the official market rate.

Currency traders in major commercial hubs such as Lagos and Abuja report that the dollar is currently being exchanged between ₦1,408 and ₦1,418 per dollar.

The difference between the official market and the parallel market remains relatively narrow, estimated at around 1 percent to 1.3 percent. This close gap suggests improved alignment between the two markets following ongoing exchange rate harmonisation efforts by the Central Bank of Nigeria.

Traders also report steady demand from small businesses and individuals seeking foreign currency for travel allowances and retail transactions. However, speculative hoarding of dollars appears to have reduced due to improved access to foreign exchange through licensed Bureau De Change operators.

Key Economic Factors Supporting the Naira

Several economic factors are currently supporting the relative stability of the Nigerian currency.

One major factor is the country’s strong external reserve position. Nigeria’s foreign reserves have reportedly risen above 50 billion dollars, giving the Central Bank of Nigeria additional capacity to stabilise the market and manage temporary fluctuations in exchange rates.

Inflation trends are also contributing to improved currency stability. Nigeria’s headline inflation rate has slowed to approximately 15.10 percent according to the latest economic data, which has helped improve the real value of the Naira and increase investor confidence in local financial assets.

Interest rate policy is another major driver. The Monetary Policy Rate currently stands at about 26.5 percent, creating a high-yield environment that attracts foreign portfolio investors while also helping to reduce excess liquidity in the domestic economy.

Energy sector developments are also easing pressure on the foreign exchange market. Increased domestic refining capacity has significantly reduced the demand for foreign exchange used to finance large-scale fuel imports, which has historically placed pressure on Nigeria’s currency.

Exchange Rate Outlook

As trading continues throughout the day, financial analysts expect the Naira to remain within a relatively stable band in the official market window.

Current projections suggest the exchange rate could fluctuate between approximately ₦1,395 and ₦1,405 per dollar depending on market demand and supply dynamics.

Market stakeholders are also closely monitoring upcoming trade balance data and other economic indicators, which could provide further insights into the direction of Nigeria’s foreign exchange market for the remainder of the quarter.

The continued narrowing of the gap between official and parallel market rates is seen by many economists as a positive sign for the Nigerian economy, indicating gradual improvements in foreign exchange liquidity and policy coordination within the financial system.