Naira slumps against dollar at official FX market
By: Abudu Olalekan
It hasn’t been a great week for the currency, honestly.
Wednesday brought news that wasn’t welcome for anyone holding local cash. The Nigerian naira slumped against the United States dollar. According to the Central Bank of Nigeria (CBN), things got tougher at the official foreign exchange window.
Here are the details. We’re talking about Wednesday, 25th March, 2026. That’s when the trading sat at N1,386.7049 per dollar. But looking at how it closed? Reportersroom gathered from the CBN’s own platform that the NFEM rate actually settled higher than the open. Closing at N1,391 per dollar.
Comparing Wednesday’s rate with that of Tuesday when the Nigerian currency traded at N1,382.6325, the Naira slumped by at least N4. Small changes matter though. In the economy, every kopeck counts.
At the parallel market, the naira-to-dollar exchange rate appreciated by N5 for the selling rate but the buying rate remained the same with the previous trading rate. Seems a bit inconsistent.
According to Aboki FX, another trusted tracker, the Naira-to-dollar exchange rate at the black market on Wednesday, 25th March, 2026, was N1,415 and N1,420 per dollar for buying and selling rate respectively. A gap between official and parallel is wide, yeah.
Market Summary
NFEM rate —N1,386.7049/$
Black market (Buying and selling rates) — N1,415— N1,420
It’s frustrating sometimes. You try to plan your budget and the numbers shift under you. The CBN tries to stabilize, yet people turn to the parallel side. Why? Because liquidity is tight. Everyone wants dollars for import purposes. Or travel.
Anyway, that’s the snapshot. If you’re watching the forex space closely, you’ll see trends coming. But right now? The official window shows pressure. The black market reflects demand. Simple supply dynamics.
Stay safe out there and watch your wallets.
