Quick Summary:
Nigerian Naira strengthens to N1,401.40 per dollar at official market, marking first appreciation since February amid falling global oil prices.
The Nigerian Naira appreciated against the United States Dollar at the official foreign exchange market on Tuesday, marking its first gain in three weeks.
Data from the Central Bank of Nigeria (CBN) showed that the Naira rose to N1,401.40 per dollar, compared to N1,405.62 recorded on Monday — a day-to-day appreciation of N4.2.
The last time the Naira appreciated at the official market was on February 17, when it traded at N1,335.96 per dollar, before entering a prolonged depreciation phase.
Black Market Rate Unchanged
At the parallel (black) market, the Naira remained stable at N1,420 per dollar, the same rate as on Monday, reflecting a temporary pause in volatility across informal trading channels.
Oil Prices and Market Impact
The modest recovery in the Naira coincided with a drop in global crude oil prices, as Brent and West Texas Intermediate (WTI) fell below $90 per barrel on Tuesday — the first time since the Iran–United States–Israel conflict began on February 28, 2026.
Following the decline in oil prices, Dangote Refinery adjusted its gantry petrol price to N1,075 per litre, after three previous hikes.
External Reserves Update
According to the CBN, Nigeria’s external reserves stood at $49.94 billion as of March 6, reflecting the country’s ongoing efforts to stabilise the foreign exchange market and strengthen investor confidence.