Naira Gains N8.46 to Trade N1,357/$ at Official Market

By Adedapo Adesanya

The Naira opened the week stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, March 16, by N8.46 or 0.62 per cent to trade at N1,357.77/$1 compared with the previous session’s N1,366.23/$1.

In the same vein, the local currency appreciated against the Pound Sterling in the same market segment yesterday by N23.45 to quote at N1,789.54/£1 compared with last Friday’s value of N1,812.99/£1, and improved its value against the Euro by N9.72 to N1,558.31/€1 from N1,568.03/€1.

Similarly, the Naira gained N5 against the greenback in the parallel market during the trading session to sell for N1,395/$1 compared with the previous rate of N1,400/$1, and closed flat at the GTBank FX desk at N1,385/$1.

The pressure that piled on the domestic currency appeared to have eased, buoyed by higher oil prices, which have continued to bolster market sentiment.

A report by Coronation Merchant Bank Research said Brent crude prices advanced by 11.16 per cent week-on-week, rising from $91.00 per barrel to close at $101.16 per barrel amid escalating geopolitical tensions in the Middle East.

The bank noted that developments in the region heightened concerns about potential disruptions to global oil supply, increasing volatility in energy markets.

Nigeria recorded modest portfolio inflows as investors sought higher-yielding opportunities, but the inflows helped support liquidity in the FX market and contributed to the Naira’s recovery during the past week.

Also, Nigeria’s inflation cooled to 15.06 per cent in February 2026 from 15.10 per cent in January 2026, data from the National Bureau of Statistics (NBS) showed.

As for the cryptocurrency market, prices continued to weigh the tensions around the Strait of Hormuz — a critical oil shipping route between the Persian Gulf and global markets — appeared to ease slightly.

US President Donald Trump called on other nations to help secure the waterway, while some tankers reportedly have crossed the Strait, suggesting that traffic through the corridor has not been fully disrupted.

This weakened some coins, including Dogecoin (DOGE), which slumped by 1.7 per cent to $0.0998, and Cardano (ADA), which depreciated 1.6 per cent to $0.2832. Binance Coin (BNB) lost 1.5 per cent to sell for $674.25, TRON (TRX) declined by 0.6 per cent to $0.2964, and Solana (SOL) dropped 0.2 per cent to $93.66.

On the flip side, Ripple (XRP) jumped 2.2 per cent to $1.51, Ethereum (ETH) grew by 1.5 per cent to $2,302.08, and Bitcoin (BTC) appreciated by 0.1 per cent to $73,951.40, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.