Reporting by Vanguard indicates that the Nigerian Naira has maintained a stable position in the foreign exchange market as the first week of March concludes. The local currency traded between N1,385 and N1,405 at the official and parallel markets, respectively. This stability is attributed to the Central Bank of Nigeria’s (CBN) successful efforts to boost net foreign reserves, which have surged to approximately $34.8 billion.
The narrowing gap between the official and black-market rates is seen as a sign of returning confidence in the CBN’s management of the foreign exchange window. Analysts point out that the central bank’s “willing-buyer-willing-seller” model has effectively eliminated the extreme volatility that plagued the market in previous years.
With inflation also showing a steady downward trend, the pressure on the Naira has eased significantly. The government’s fiscal reforms, including the removal of subsidies and the unification of exchange rates, are finally yielding the promised macroeconomic stability, even as the public continues to call for these gains to reflect in lower food prices.
Channels TV noted that the “surging reserves have provided a solid buffer for the local currency,” while ThisDay emphasized that “the CBN’s policy consistency is the primary driver of the current FX calm.”
Echotitbits take: Stability is the new gold. For the first time in years, businesses can plan their quarterly budgets without fearing a 20% currency devaluation overnight. The $35bn reserve mark is a psychological win that will discourage speculative attacks on the Naira.
Source: Vanguard – https://www.vanguardngr.com/2026/03/dollar-to-naira-exchange-rate-today-march-6-2026/, and March 6, 2026
Photo credit: Vanguard
