Dollar Rises in Global FX Markets, Naira Falls to New Exchange Rate
- The naira has opened the new week in the official and unofficial exchange markets lower
- The Nigerian currency was down by N3 in the NAFEM window and also lost N5 in the black market
- The dollar on the hand is headed for its biggest monthly gain since July and is now the strongest so-called safe asset
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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 kicked off the new trading week on a weaker note in the Nigerian Foreign Exchange Market (NAFEM) as the US dollar continues to rise.
Data from the Central Bank of Nigeria showed that at the official window, the naira depreciated by N3.00 or 0.22% on Monday, March 30, to close at N1,383.58 per dollar, compared with N1,380.58 at the previous session on Friday.
Source: Getty Images
Naira performance
Market conditions remain tight as demand for foreign exchange for international settlements and import-related obligations continues to outstrip available supply, sustaining pressure on the currency.
Despite the weakness against the dollar, the naira appreciated against other major currencies in the official market.
It strengthened by N12.05 against the pound sterling to N1,824.94/£1, and gained N5.80 against the euro to N1,586.28/€1.
GTbank also revealed that the naira firmed slightly, improving to N1,394 per dollar from N1,401 previously.
However, the parallel market remained unchanged at around N1,410 per dollar.
Source: Getty Images
Dollar rises in global FX markets
Meanwhile, the dollar continues to strengthen globally. This is because investors are seeking safe places to put their money amid geopolitical tensions and concerns about the global economy, Reuters report.
As a result, the dollar is on track to record its strongest month since July, driven by capital flows into perceived safe-haven assets.
Most major currencies from developed economies remain relatively steady; however, they are still expected to decline over the month. The euro is trading at around $1.1477, while the pound stands at $1.3217.
The Japanese yen is near 159.5 per dollar, reflecting ongoing pressure across major currencies.
This overall trend underscores the dollar’s persistent strength in global markets. Analysts note that ongoing global events, including tensions in the Middle East, are contributing to volatility in oil prices.
These uncertainties are further encouraging investors to hold dollars as a store of value.
In Nigeria, the outlook for the naira is expected to remain sensitive to factors such as foreign exchange inflows and policy decisions by the central bank.
Oil revenue performance and broader global market dynamics are also likely to play a significant role in shaping the naira's trajectory in the near term.
Latest exchange rates
- CFA: N2.42
- Yuan/Renminbi: N200.13
- Danish Krona: N212.28
- Euro: N1,586.28
- Yen: N8.67
- Riyal: N368.67
- South African Rand: N80.51
- SDR: N1,879.87
- Swiss Franc: N1,728.18
- Pounds Sterling: N1,824.94
- US Dollar: N1,383.58
- WAUA: N1,875.08
- UAE Dirham: N376.62
External reserves fall below $50 billion
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
