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BREAKING
Q1 2026 CLOSES TODAY — Final CBN trading day of the quarter USD/NGN: ₦1,384 official · ₦1,415 parallel — naira broadly stable at quarter close Bonny Light crude above $103/bbl — Q1 oil windfall boosts federation revenues Iran war: Trump deadline extended to April 6 — Hormuz partially open Kwankwaso joins ADC — opposition coalition formally activated ahead of 2027 CBN bank recapitalisation deadline: 30 major banks met requirements by March 31 Q1 2026 CLOSES TODAY — Final CBN trading day of the quarter USD/NGN: ₦1,384 official · ₦1,415 parallel — naira broadly stable at quarter close Bonny Light crude above $103/bbl — Q1 oil windfall boosts federation revenues Iran war: Trump deadline extended to April 6 — Hormuz partially open Kwankwaso joins ADC — opposition coalition formally activated ahead of 2027 CBN bank recapitalisation deadline: 30 major banks met requirements by March 31
Q1 FINAL DAY Today is Tuesday, 31 March 2026 — the very last trading day of Q1. The naira closes the quarter broadly stable at ₦1,384 official. CBN bank recapitalisation deadline also falls today.
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Business & Economy · Q1 Close EditionNaira Exchange Rate Today —
Naira Exchange Rate Today —
Tuesday, 31 March 2026
CBN Official (USD)
₦1,384
≈ Stable vs Monday
Parallel Market (USD)
₦1,415
▲ Naira gained ₦5 Mon
Official/Parallel Gap
₦31
Narrowing from ₦35
Forex Reserves
$49.4B
▼ from $50.45B peak
Quarter Close — The Naira Ends Q1 2026
The naira opened Q1 at ~₦1,540/$ (parallel) and closes today at ₦1,384 official / ₦1,415 parallel — a net gain of roughly 8–10% over the quarter. The naira’s best level was ₦1,333 on 21 February (13-year high). The Iran war on 28 February was the quarter’s biggest external shock, pushing oil above $100 and reversing early gains. Q1 grade: B+
Tuesday Market Summary (Q1 Final Day): The naira enters the last trading session of Q1 2026 broadly stable, carrying momentum from Monday’s ₦5 parallel market gain. Multiple BDC operators confirmed the naira closed at ₦1,415 per dollar in the parallel market on Monday, up from ₦1,420. The official window is holding near ₦1,382–1,385, with Bonny Light trading above $103 per barrel continuing to support FX inflows. System liquidity remains above ₦8 trillion, providing a cushion against end-of-quarter corporate demand. With 30 major banks having met the CBN’s recapitalisation requirements by today’s deadline, market confidence is firm as Q2 begins tomorrow.
⚠ Q1 Close & Bank Recap Deadline: Today (31 March) is both the final CBN trading day of Q1 2026 and the deadline for Nigerian bank recapitalisation. The good news: 30 major banks reportedly met the CBN’s new capital requirements. This structural milestone strengthens the banking system’s FX intermediation capacity heading into Q2.
Official CBN Rates — Tuesday 31 March 2026 · Q1 Close NFEM Window
| Currency | Buying (₦) | Selling (₦) | Mid Rate | Q1 Start → Close |
|---|---|---|---|---|
USD US Dollar | ₦1,381.50 | ₦1,386.50 | ₦1,384.00 | ₦1,480 → ₦1,384 ▲ |
GBP British Pound | ₦1,833.00 | ₦1,841.00 | ₦1,837.00 | Rate shifted during Q1 |
EUR Euro | ₦1,588.00 | ₦1,596.00 | ₦1,592.00 | Broadly stable Q1 |
CAD Canadian Dollar | ₦985.00 | ₦995.00 | ₦990.00 | Flat Q1 |
CNY Chinese Yuan | ₦190.50 | ₦192.00 | ₦191.25 | Flat Q1 |
Parallel (Black) Market Rates — Tuesday 31 March 2026 BDC · Lagos · Abuja · Kano
🇺🇸 USD — US Dollar
Buying
₦1,410
/
Selling
₦1,415
▲ Gained ₦5 vs Sunday · Q1 best: ₦1,350
🇬🇧 GBP — British Pound
Buying
₦1,870
/
Selling
₦1,900
— Broadly steady this week
🇪🇺 EUR — Euro
Buying
₦1,580
/
Selling
₦1,620
— Stable this week
🇨🇦 CAD — Canadian Dollar
Buying
₦1,018
/
Selling
₦1,029
▲ Firmed vs start of week
Q1 2026 Naira Journey — Key Milestones Jan 2 → Mar 31
| Date / Event | CBN Official | Parallel | Context |
|---|---|---|---|
| Jan 2 — Q1 Opens | ~₦1,480 | ~₦1,540 | Reforms bearing fruit |
| Feb 16 — FPI surge | ₦1,390 | ₦1,390 | NSE 2nd best globally |
| Feb 21 — Q1 Best | ₦1,333 | ~₦1,350 | 13-year high for naira |
| Feb 28 — Iran War | ₦1,340 | ₦1,380 | Operation Epic Fury |
| Mar 8 — Oil peaks | ₦1,395 | ₦1,430 | Brent $126/bbl |
| Mar 25 — Diplomacy | ₦1,382 | ₦1,411 | Trump pauses strikes |
| Mar 30 — Monday | ₦1,382 | ₦1,415 | Parallel gained ₦5 |
| Mar 31 — Q1 CLOSE ✓ | ~₦1,384 | ₦1,415 | Q1 grade: B+ · Net gain ~8% |
Q2 begins Wednesday 1 April 2026. Key risk: Iran war April 6 deadline. Key opportunity: CBN MPC rate signals, post-Q1 corporate FX demand easing.
USD/NGN Official Rate — Full Q1 2026 Journey CBN NFEM
What the Q1 Close Means for the Nigerian on the Street Real-Life Impact
Q1 2026 — plain talk: The naira is roughly 8% stronger than where it started the year in the parallel market. That sounds good. But with petrol at ₦1,200–1,350/litre, food prices still elevated, and the Iran war keeping oil expensive, ordinary Nigerians feel little of that gain in their daily lives. Here is the Q1 street verdict.
Food & Market Prices
Despite the naira’s 8% Q1 gain, food prices did not fall proportionally. Rice, cooking oil and tomato paste remain expensive because distribution chains absorb currency shocks slowly — like a sponge that soaks up water quickly but releases it drop by drop. Q2 may bring gradual relief if the naira holds.
Prices still high — slow to easeFuel & Transport
Dangote cut gantry price to ₦1,200/litre — some retail stations now selling below ₦1,350. This is the most tangible Q1 win for the street. If Brent stabilises below $100 in Q2 and Iran diplomacy holds, further pump price reductions are possible. Watch the April 6 US-Iran deadline.
Gradual relief — fuel prices fallingRemittances
Nigerians in the diaspora sent more naira home in Q1 as the parallel market rate climbed from ₦1,540 to ₦1,415 — meaning each dollar sent buys fewer naira than in December 2025. But CBN’s IMTO reforms ensure more transfers go through official channels, giving recipients better, more reliable rates.
Slightly less naira per dollar sentSchool Fees Abroad
A $10,000 tuition bill costs ₦13.84M at today’s official rate — roughly ₦1.5M cheaper than the ₦15.4M it would have cost at Q1’s worst parallel rate of ₦1,540. Q1 delivered real savings for parents planning overseas education. Budget at ₦1,420 for safety heading into Q2.
Cheaper vs Q1 start — plan for Q2SME Importers
Q1 was a tale of two halves for importers: Feb 21 offered the best dollar-buying opportunity in 13 years at ₦1,333. Then the Iran war reversed gains. Q1 closes at ₦1,384 — still better than the ₦1,480–1,540 seen in December. Q2 planning should use ₦1,400 as a conservative base.
Better than Dec 2025 — plan for Q2Banking & Q2 Outlook
Today’s CBN bank recapitalisation deadline is a quietly significant milestone. With 30 major banks meeting new capital requirements, the financial system enters Q2 stronger. A more capitalised banking system means better FX intermediation, lower volatility, and a more stable naira for Q2. The CBN MPR decision is the next key signal to watch.
Strong Q2 foundation — watch CBN MPC💡 Your Q2 Action Plan — Starting Tomorrow
✓
Budget for Q2 at ₦1,400/$ — gives a ₦16 buffer above today’s official rate. Enough cushion for Iran war volatility without over-hedging.✓
Watch April 6 — Trump’s Iran deadline. If power plant strikes resume, oil could spike above $120/bbl, pressuring the naira and fuel prices immediately.✓
School fee payments? If Hormuz diplomacy holds through April, the naira may ease further. Wait for the first two weeks of Q2 before committing large dollar purchases.✓
SME importers: Q2 corporate demand usually eases after Q1 closes. Early April is typically one of the calmer FX periods — use it to restock at better rates.✓
Track the CBN MPC meeting — a rate cut signal would boost naira-denominated assets and could further strengthen the currency in Q2.