Naira Depreciates Market-Wide, FX Reserves Rise to $49.883bn
The naira depreciated across the foreign exchange market due to tight liquidity in the official and informal segments of the local currency market.
Daily FX data published by the Central Bank of Nigeria (CBN) showed that the naira weakened at the official window, declining 0.03% to ₦1,387.45/$. The successive depreciation of the naira suggests foreign payments continue to grow faster than total US dollar volume.
Foreign portfolio investors remain key sources of FX inflows, alongside non-bank corporate supply, exporters’ flows, and individuals’ contributions. The CBN plays an active role in redirecting the exchange rate through periodic intervention, which has slowed significantly in Q1-2026.
Daily exchange rate data published by the Apex Bank indicated that the local currency has been declining for 12 days in the absence of substantial FX interventions.
In the parallel market, the local currency depreciated by 0.27% to ₦1,385/$, reflecting heightened currency pressures across both the regulated official segment and the informal foreign exchange market.
Nigeria’s gross external reserves edged higher to $49.883 billion as of March 3, 2026, according to updated data on the Central Bank website, from $49.693 billion.
Oil prices rose today as the conflict between the U.S., Israel, and Iran disrupted supplies and shipping, prompting some major producers to cut output and others to ensure supply security.
In its latest update, the Apex Bank began to diversify its external reserves. The CBN announced that it had received domestically sourced gold, refined to international standards, into the country’s foreign reserves, raising its total gold holdings to about US$3.5 billion.
An official statement released by the apex bank stated that the bullion was refined to the London Bullion Market Association Good Delivery standards.
The statement read, “The Central Bank of Nigeria has taken delivery of responsibly sourced gold refined to London Bullion Market Association Good Delivery standards into its foreign reserves.
The latest receipt brings CBN’s total gold holdings to US$3.5 billion, marking a significant step in its reserve diversification strategy.”
According to the bank, the gold was sourced locally and aggregated by the Solid Minerals Development Fund through the National Gold Purchase Programme. Tinubu Resolves OPL 245 Dispute with ENI, Unlocks Deepwater Investment
