By George Omagbemi Sylvester
Foreign exchange traders and market analysts say the US dollar continues to hold strength against the Nigerian naira, with the dollar trading around ₦1,380 per $1 in Nigeria’s parallel (black) market as of March 3–4, 2026, according to financial reporting..
The latest movement reflects broader macroeconomic pressures worldwide and persistent domestic foreign exchange dynamics in Nigeria. Globally, the dollar has strengthened as investors seek safe-haven assets amid heightened geopolitical tensions, pushing emerging market currencies including the naira lower.
Locally, the rate disparity between the official Central Bank of Nigeria window and the informal parallel market has widened due to constrained dollar supply and strong demand from businesses and individuals unable to access foreign exchange through banks.
The informal “Aboki” rate (where bureaux de change sell dollars for roughly ₦1,360–₦1,380) indicates limited liquidity in the regulated market and reflects speculative pressures as well as broader confidence issues among market participants.
Economists caution that sustained pressure on the naira could complicate inflation control and increase costs for imports, education abroad, medical travel, and debt servicing, underscoring the urgency for more consistent forex supply and clearer monetary policy.
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