It’s a rare moment of relative calm for the Naira. As of today, Friday, March 27, 2026, the currency is indeed holding steady within that ₦1,350 – ₦1,370 range at the official Nigerian Foreign Exchange Market (NFEM).
​While the official window is showing some backbone, Trading remains stable, with mid-market indicators hovering around ₦1,356/$. This follows a bit of a “tug-of-war” earlier in the week where it opened closer to ₦1,385 before firming up.
The “street” rate is still carrying a premium, currently quoted between ₦1,400 and ₦1,420. The gap between the two markets has narrowed significantly to about ₦30–₦50, which is a far cry from the massive spreads we’ve seen in previous years.
​FX inflows jumped roughly 45% recently (reaching about $4.4 billion), providing the Central Bank with enough ammunition to keep the official window from sliding.
The CBN has been active with its Electronic Foreign Exchange Matching System (EFEMS), which helps curb some of the wilder speculative bids.
The Monetary Policy Rate (MPR) currently stands at 26.5%, which, while high for borrowers, is helping to attract foreign “carry trade” investors who bring in much-needed dollars.
Despite the stability, analysts are watching the external reserves closely, as they’ve dipped slightly from their February high of $50.45 billion to just under $50 billion this month.
