Market News

BY  Mutalib Jibril

he Nigerian naira continued to depreciate against the US Dollar after opening trading for the week at N1,378 per dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, 2nd March, 2026.

The data shared on the official website of the Central Bank of Nigeria (CBN) showed that the naira opened trading at the NFEM rate of N1,378.0246 per dollar and closed at N1,376 per dollar in the official market. 

The naira continues to depreciate against the United States (US) dollar, using the data of the previous trading rates. The currency closed last week’s market at N1,368.5 per dollar. 

For a while now, at the parallel market, the naira has maintained its exchange rate with the dollar, as the naira continues to trade at the exchange rate with the US dollar. 

According to the Bureau De Change operators in Lagos, Kano, Port Harcourt, and Abuja, the Naira to dollar exchange rate at the black market on Monday, 2nd  March, 2026 was N1,360 for the buying rate and  N1,380 for the selling rate. 

Market Summary 

NFEM (Official) — N1,376/$

Black market — N1,360 – N1,380