Naira slides to N1,386.72/$ as CBN deadline passes
The Naira weakened further against the US Dollar on Tuesday, March 31, 2026, dropping to N1,386.72 in the official market from N1,383.58 the day before—a daily loss of N3.13. In the parallel market, the rate fell by N5 to N1,420 per dollar. This depreciation coincides with the end of the Central Bank of Nigeria's bank recapitalization deadline, with the CBN reporting that 32 banks met the new capital requirements. Nigeria's external reserves also declined, falling to $49.29 billion on March 30 from $49.44 billion on March 27.
For everyday Nigerians, a weaker naira means higher costs for imported goods—from food and electronics to fuel and pharmaceuticals—potentially fueling inflation. Students paying foreign tuition, travelers with dollar expenses, and businesses importing raw materials will feel the pinch directly. The simultaneous drop in reserves suggests limited dollar supply, which could keep pressure on the exchange rate.
The official rate is now within N33.28 of the black market, narrowing the gap but still reflecting a scarcity of foreign currency. While the recapitalization deadline ending removes one uncertainty, the forex market remains tight without a corresponding surge in dollar inflows.
With the naira on a sustained downtrend, will you accelerate dollar purchases for upcoming needs, adjust your budget for higher import costs, or explore local alternatives to reduce foreign exchange exposure?