The Nigerian naira recorded mixed performance on Tuesday, March 31, 2026, closing out the first quarter with marginal fluctuations across key foreign exchange windows.
At the official NAFEM window, managed by the Central Bank of Nigeria, the naira weakened slightly to ₦1,386.75 per dollar, compared to ₦1,384.25 in the previous session, representing a 0.18% depreciation.
Similarly, the IMTO dollar rate edged lower to ₦1,415 per dollar from ₦1,412, reflecting a 0.21% decline, while the pound sterling remained unchanged at ₦1,873 per
£1. In contrast, the naira showed some strength against other major currencies, appreciating against the euro to ₦1,612 per €1 (from ₦1,617) and slightly against the Canadian dollar to ₦1,015 per CAD.
External Reserves Continue Dip
Meanwhile, Nigeria’s external reserves dipped marginally to $49.441 billion, down from $49.481 billion, indicating a 0.08% decline and underscoring ongoing pressure on the country’s foreign exchange buffers.
At the beginning of the year, the Central Bank of Nigeria recorded a notable rebound in reserves, rising from about $46.1 billion in January to roughly $49.5 billion in February 2026.
This early surge was driven by stronger FX inflows, including oil revenues, diaspora remittances, and increased foreign portfolio investments following economic reforms. By mid-February, reserves had climbed further to around $50.45 billion, marking a 13-year high and signaling improved external stability and investor confidence.
However, this upward momentum slowed toward the end of Q1. Data shows that reserves declined gradually in March 2026, falling from about $50.03 billion on March 11 to around $49.48 billion by March 26, a drop of roughly $547 million within two weeks.
