Naira Fluctuates Against Dollar in Week to March 20

The Nigerian naira experienced mixed fluctuations against the US dollar in the official foreign exchange market during the week ending March 20, 2026, starting with gains, reversing midweek, and stabilizing by Friday amid central bank efforts to manage liquidity and external pressures.

According to Central Bank of Nigeria data, the naira appreciated on Monday, March 16, trading at 1,357.77 per dollar, then strengthened further on Tuesday to 1,344.42 per dollar, marking a daily gain of 13.35. This built on an eight-day rally that began March 9, with cumulative appreciation of 51.72 over the period, attributed to the bank's interventions aimed at stabilizing the currency and narrowing the gap between official and parallel rates. The official market closed the week on a positive note Friday, with the naira trading at an average of 1,352.89 per dollar in early sessions, a slight improvement from midweek levels around 1,357.

However, the currency weakened on Wednesday, March 18, depreciating to 1,353.90 per dollar from Tuesday's 1,344.42, a loss of 9.48 that ended the recent streak of gains. Central bank figures indicated this shift followed sustained demand in the regulated market,...