CBN Releases New Dollar Rates as Naira Slips in Official Window Amid Reserves Rise
- The naira depreciated to N1,353 per dollar amid rising foreign exchange demand in the official window
- Nigeria's external reserves fell slightly to $49.83 billion due to ongoing payment obligations and the CBN's interventions
- Global oil prices surge as geopolitical tensions escalate in the Middle East, sending the cost of fuel soaring
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian naira depreciated to N1,353 per dollar at the official foreign exchange window on Wednesday, according to the latest data released by the Central Bank of Nigeria (CBN).
The decline highlights renewed pressure on the local currency, largely driven by increased demand for foreign exchange from eligible market participants.
Source: Getty Images
Trading activity showed notable volatility during the session.
The naira recorded an intraday high of N1,362 per dollar, slightly weaker than the N1,355 seen in the previous session. At its strongest point, the currency traded at N1,349 per dollar, a drop from N1,340 recorded a day earlier, according to CBN data.
The fluctuations suggest that despite ongoing policy efforts, the naira remains sensitive to demand pressures and external market conditions.
Rising FX demand weighs on currency
Market analysts attribute the naira’s latest decline to a spike in foreign exchange demand, particularly from businesses and investors seeking to meet offshore payment obligations.
This sustained demand continues to test the liquidity conditions in Nigeria’s FX market, even as the apex bank maintains its intervention strategies. The widening gap between demand and supply remains a key factor influencing exchange rate movements at the official window.
External reserves dip slightly
Nigeria’s external reserves also recorded a marginal decline, falling by $178 million over three consecutive international payments executed by the CBN. The reserves now stand at $49.83 billion, down from $50.008 billion.
Although the drop is relatively modest, it reflects ongoing outflows tied to the country’s external obligations. Still, the reserve level remains strong by historical standards, providing some buffer against external shocks and currency volatility.
Global oil prices surge amid tensions
In the global commodities market, oil prices surged sharply on Wednesday, driven by geopolitical tensions and monetary policy signals from the United States.
According to a report by MarketForces Africa, Brent crude jumped by more than 5% to trade around $109 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by about 2%, staying below the $98 mark.
The rally comes as the U.S. Federal Reserve held its benchmark interest rate steady at 3.5%-3.75%, following an 11-1 vote by the Federal Open Market Committee.
The decision signalled caution amid global economic uncertainty.
Middle East crisis fuels market jitters
Heightened tensions in the Middle East have added to market volatility, particularly in the energy sector.
Reports indicate that key energy infrastructure, including facilities linked to one of the world’s largest liquefied natural gas export plants, has suffered significant damage amid escalating conflict.
The situation has disrupted supply expectations and intensified concerns about global energy security, pushing oil prices higher.
Brent crude, which is more exposed to Middle Eastern supply routes and global shipping dynamics, has reacted more strongly to the crisis compared to WTI.
Outlook: Mixed signals for the naira
While rising oil prices typically support Nigeria’s foreign exchange earnings, the benefits may be offset by persistent FX demand and external payment pressures.
For now, the naira’s trajectory will likely depend on how effectively the CBN manages liquidity, alongside developments in global oil markets and geopolitical risks.
Source: Getty Images
Naira Reverses, depreciates against the dollar
Legit.ng earlier reported that the naira has again depreciated in the Nigerian foreign exchange market following rising dollar demand triggered by the ongoing war in the Middle East.
Data from the Central Bank of Nigeria showed that the naira fell to N1,425 per dollar on Monday, March 9, 2026, from N1,398 per dollar last weekend, reflecting a depreciation of N27.
The latest exchange rate is the lowest the naira has touched in the last 2 months.
Source: Legit.ng
