Market News

The Nigerian naira slumped significantly against the United States (US) dollar, trading at a Nigerian Foreign Exchange Market (NFEM) rate of N1,388.3841 per dollar at the Central Bank of Nigeria (CBN) official foreign exchange window on Monday, 23rd March, 2026.

According to the data obtained on the CBN’s official platform, the naira traded at the NFEM rate N1,388.3841 per dollar and closed at N1,383 per dollar.

Recall that the Nigerian currency made steady gains early last week until Wednesday, 18th March 2026 when it closed the week at an NFEM rate of N1,353.9018 per dollar, following announcement of a two-day holiday by the federal government to mark Eid-el-Fitri celebrations.

Comparing Wednesday’s trading rate N1,353.9018 with N1,388.3841, the rate at which the Naira opened trading this week, the Naira slumped by at least N34.  

At the parallel market, the naira-to-dollar exchange rate also slumped by N10 for both the buying and selling rate respectively.

According to AbokiFX , the Naira-to-dollar exchange rate at the black market on Monday, 23rd March, 2026, was N1,405 dollar for the buying rate and N1,415 per dollar for the selling rate.

Market Summary 

NFEM rate —N1388.3841/$

Black market (Buying and selling rates) — N1,405— N1,415