Access, Zenith, UBA, Other Banks Sell Dollars at New Rate as Naira Depreciates
- Naija currency weakens to ₦1,386.72 per dollar amid escalating foreign exchange market pressures
- Liquidity plummets sharply, with interbank deals dropping 62% in a single day
- Global oil price surge complicates Nigeria's efforts to stabilise its fluctuating FX market
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The Nigerian currency, the naira, weakened further against the US dollar for the second consecutive trading session, as fresh data from the Central Bank of Nigeria showed mounting pressure in the foreign exchange market.
At the Nigerian Foreign Exchange Market (NFEM), the official spot rate closed at ₦1,386.72 per dollar on Tuesday, March 31, 2026, slipping from ₦1,383.58 recorded a day earlier.
Source: Getty Images
The decline highlights persistent demand for foreign currency, especially for import payments and offshore obligations.
Commercial lenders such as Access Bank, Zenith Bank, and United Bank for Africa adjusted their dollar selling rates in response to the weaker naira and tightening liquidity conditions.
FX liquidity shrinks sharply
Market activity signalled a significant drop in liquidity, with the number of interbank foreign exchange deals plunging by 62 per cent within 24 hours.
Transactions fell to 114, indicating reduced participation and limited dollar supply in the official window.
Further CBN data revealed that interbank deal volumes dropped sharply from 115 at the start of the week to just 44 deals, underscoring a deepening scarcity of FX.
Turnover also declined steeply to $30.953 million, down from $145.291 million recorded on Monday.
The contraction suggests that banks and corporates are struggling to access sufficient foreign currency, a development that continues to weigh on the naira’s stability.
CBN interventions fail to stabilise the market
Despite multiple interventions by the apex bank, the naira has remained under pressure.
Last week, the CBN injected a total of $95 million into the market to ease demand pressures and support liquidity.
This included a $65 million sale on Friday, aimed at stabilising the currency. However, the impact appears limited, as demand continues to outpace supply in the FX market.
Analysts say sustained pressure on the naira reflects structural challenges, including high import dependency and strong demand for the dollar as a safe-haven asset.
Parallel market holds steady
In the parallel market, the naira showed relative stability, closing at ₦1,420 per dollar. However, the narrow movement reflects tightening liquidity rather than improved fundamentals.
Currency traders note that reduced supply in both official and unofficial markets is keeping exchange rates elevated.
Global oil shock adds to pressure
External factors are also compounding Nigeria’s FX challenges. Global oil prices surged sharply in March, with Brent crude oil rising to $119 per barrel, near recent highs, according to a report by MarketForces Africa.
The spike follows escalating geopolitical tensions and supply disruptions linked to the US-Israel air strikes on Iran, which have affected key oil shipping routes.
As oil prices climb, countries worldwide are adopting emergency measures to manage energy costs, while Nigeria faces the dual challenge of benefiting from higher crude prices but grappling with FX instability driven by global uncertainty.
Source: Getty Images
Overall, the naira’s latest slide highlights persistent vulnerabilities in Nigeria’s foreign exchange market, with liquidity constraints, global shocks, and strong dollar demand continuing to shape currency movements.
CBN, GTBank release new exchange rate
Legit.ng earlier reported that the naira continued to decline against the US dollar at the Nigerian Foreign Exchange Market (NAFEM) as demand pressure for foreign exchange persists.
According to the Central Bank of Nigeria on Friday, March 6, the Nigerian currency depreciated by N5.82, or 0.42%, to close at N1,393.26/$1, compared with the previous day’s N1,387.45/$1.
The naira also weakened against the British pound and the euro in the official market. It fell by N7.61 against the pound to close at N1,859.99/£1, down from Thursday’s N1,852.38/£1, and declined by N1.58 against the euro, settling at N1,611.49/€1 from the previous N1,609.86/€1.
Source: Legit.ng
