Naira Depreciates Further at Official Market as Dollar Hits N1,376
By: Abudu Olalekan
Nigerian naira continues downward slide against US dollar at NFEM, closing at N1,376 per dollar on Monday. Black market rates differ. Get latest forex update.
The naira is sliding again. Not exactly news anymore, but Monday’s numbers still sting.
Nigeria’s currency continued its downward trajectory against the US Dollar when trading kicked off for the week at the Nigerian Foreign Exchange Market (NFEM) on Monday, March 2, 2026. The opening rate? N1,378 per dollar.
Things didn’t exactly improve as the day went on.
Data from the Central Bank of Nigeria’s official website showed that the naira opened trading at the NFEM rate of N1,378.0246 per dollar. By close of business, it had settled at N1,376 per dollar in the official market. A slight improvement, sure, but the bigger picture isn’t pretty.
Here’s the thing. When you look at previous trading rates, the pattern is clear—the naira continues to lose ground against the United States dollar. Last week’s market closed at N1,368.5 per dollar. Do the math. That’s a depreciation of about N7.5 in just one trading session.
Not great.
The parallel market tells a slightly different story though. For a while now, the naira has maintained relatively stable exchange rates with the dollar at the black market. Well, as stable as things can be in that space.
Bureau De Change operators across Lagos, Kano, Port Harcourt, and Abuja painted a familiar picture on Monday. The Naira to dollar exchange rate at the black market was N1,360 for the buying rate. The selling rate stood at N1,380.
So there’s still that spread between official and unofficial markets. Always has been.
What does this mean for ordinary Nigerians? Well, everything imported becomes more expensive. Travel plans get complicated. Businesses that rely on foreign inputs feel the squeeze. Students abroad and their families face tougher calculations. The ripple effects are everywhere.
The Central Bank has been trying various interventions over the months. Some work temporarily. Others don’t move the needle much. The fundamental issue remains—demand for dollars consistently outstrips supply in the Nigerian economy.
Foreign exchange scarcity isn’t new. It’s been a recurring challenge for years now. Oil revenue fluctuations, foreign investment flows, and global economic conditions all play their part in this complex equation.
Monday’s depreciation adds to concerns about the naira’s stability. Market watchers have been tracking these movements closely. The gap between where the currency was trading just weeks ago and where it is now reflects deeper structural issues in the economy.
Bureau De Change operators reported brisk business on Monday. When the naira weakens, everyone rushes to buy dollars. It’s a cycle that feeds itself. Panic buying drives up demand, which pushes rates even higher, which triggers more panic buying.
The official NFEM rate of N1,376 per dollar represents the “legitimate” exchange rate. It’s what the CBN recognizes. What banks use for official transactions. But the black market rate of N1,360-N1,380 is what many everyday transactions actually happen at.
That parallel reality has existed for years in Nigeria’s forex market.
Market Summary
Here’s where things stood at close of business Monday:
NFEM (Official Market) — N1,376/$
Black Market — N1,360 (buying) – N1,380 (selling)
Traders will be watching closely to see if this week brings any reversal. Historically, such depreciations tend to continue unless there’s significant intervention or positive economic news that shifts market sentiment.
The CBN hasn’t released any statement yet regarding Monday’s movement. Sometimes they let the market find its own level. Other times they step in with policy measures or dollar injections to stabilize things.
For now, Nigerians are adjusting to this new rate reality. Businesses are recalculating prices. Importers are reworking their numbers. Everyone’s doing mental math on how this affects their bottom line.
The week is just beginning. Tuesday’s trading will reveal whether Monday was an anomaly or the start of a deeper slide. Given recent trends, market participants aren’t exactly optimistic.
Sources at various BDC points confirmed steady customer flow throughout Monday. People converting naira to dollars for various purposes—travel, school fees, medical expenses abroad, business transactions. The usual suspects.
As reported by Reportersroom, the naira’s depreciation continues to be a major economic concern. The currency has lost significant value over recent months, creating headaches for policymakers and ordinary citizens alike.
What happens next depends on multiple factors. Oil prices matter. Foreign investment inflows matter. CBN policy decisions matter. Global economic conditions matter. It’s all interconnected.
For now, the naira closed Monday at N1,376 to the dollar officially. And the black market continues doing its own thing at N1,360-N1,380.
That’s where we are. Whether we like it or not.
