Dollar to Naira Exchange Rate Today, March 2, 2026

The naira opened Monday’s session at ₦1,359.58/$ in the Nigerian Foreign Exchange Market, with early trades indicating only marginal movement around the ₦1,360/$ level. Market pricing points to continued stability at the start of March following the CBN’s 50 bps rate cut last week. 

The central bank reduced the Monetary Policy Rate to 26.5% on February 24, citing a balanced risk outlook amid moderating inflation. Headline inflation slowed to 15.10% in January, extending the disinflation trend to ten consecutive months.

In the parallel market, the dollar traded in the ₦1,365–₦1,375/$ band, leaving the spread with the official market relatively tight. That narrowing gap suggests improved price discovery and reduced speculative pressure compared with previous periods of severe FX dislocation.

Nigeria’s gross reserves rose to $50.45 billion in February, the highest level in 13 years, strengthening the CBN’s capacity to manage short-term market imbalances.

The near-term outlook for the naira remains anchored by three factors: firmer reserves, slower inflation and improved market liquidity. Barring a major external shock, the local currency is likely to remain range-bound in the short term.