Naira Gains Across Forex Markets As CBN Issues New Directive on Diaspora Remittance
- The Nigerian currency has appreciated across official and parallel markets
- The improvement followed a new directive by the Central Bank of Nigeria on diaspora remittance
- External reserves are on the decline, and there are concerns that it could affect the naira momentum
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
The naira has recorded a slight appreciation against the United States dollar across foreign exchange (FX) market segments on Thursday, March 26.
The good performance followed a new directive by the Central Bank of Nigeria (CBN) targeting diaspora remittance inflows.
Source: Getty Images
New naira exchange rate
Data from the CBN showed that the local currency appreciated by N2.82, or 0.2%, to close at N1,383.88 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared with N1,386.70 on Wednesday.
The Nigerian currency also strengthened against the pound sterling, gaining N8.62 to trade at N1,847.76/£1, compared with the previous day’s N1,856.38/£1. It further gained N8.66 against the euro to close at N1,597.14/€1, versus N1,605.80/€1 previously.
However, the naira lost N10 against the dollar at the GTBank FX desk, trading at N1,401/$1, compared with N1,391/$1 in the preceding session.
At the parallel market, Abudulahi, a BDC trader, told Legit.ng:
“The dollar is currently bought at N1,403 and sold at N1,420. The pound trades between N1,860 and N1,895, while the euro ranges from N1,595 to N1,625.”
CBN gives directive on diaspora remittance
Earlier in the week, the apex bank directed all International Money Transfer Operators (IMTOs) to route transactions through designated naira settlement accounts held with authorised dealer banks.
The policy aims to improve transparency and deepen liquidity in the official FX market, BusinessDay reports.
The directive, contained in a circular titled “Measures to Further Enhance Compliance in the Remittance Space,” was signed by Musa Nakorji, director of the Trade and Exchange Department.
Under the new framework, all IMTO inflows are now channelled through authorised dealer banks for conversion into naira, strengthening the role of the formal banking system and improving traceability of FX transactions.
Source: Getty Images
Here is the latest exchange rate
- CFA N2.450
- Yuan/Renminbi: N200.273
- Danish Krona: N213.727
- Euro: N1,597.139
- Yen: N8.672
- Riyal: N368.858
- South African Rand: N81.303
- Swiss Franc: N1,744.024
- Pounds Sterling: N1,847.761
- US Dollar: N1,383.883
- UAE Dirham: N376.731
Nigeria's foreign reserves drop for 7 consecutive days
Earlier, Legit.ng reported that the CBN has revealed that external reserves have dropped to $49.57 billion as of March 24, 2026, from a recent peak of $50.02 billion recorded on March 11, 2026.
In the last seven consecutive sessions, data from the CBN shows that reserves have dropped.
The sustained decline underscores the growing impact of capital outflows and structural challenges facing the country’s foreign exchange earnings.
Source: Legit.ng
