The naira depreciated marginally across foreign exchange (FX) market segments on Thursday amid weaker dollar inflows, even as Nigeria’s external reserves climbed to their highest level since 2009.
Data published by the Central Bank of Nigeria (CBN) showed that the naira weakened by N3.23 to close at N1,363.30 per dollar on Thursday at the Nigerian Foreign Exchange Market (NFEM), compared with N1,360.07 quoted on Wednesday, representing a 0.24 percent depreciation.
At the parallel market, also known as the black market, the local currency closed at N1,403 per dollar, losing N3 or 0.21 percent from N1,400 per dollar recorded previously. The spread between the official and parallel market rates remained unchanged at N40 per dollar.
Nigeria’s external reserves, which provide the CBN with the buffer to support the naira and meet external obligations, continued their upward trajectory, rising to $50.96 billion as of June 17, 2026. The reserve level is the highest since 2009 and represents a year-on-year increase of $13.22 billion, or 35.03 percent, from $37.74 billion recorded on June 17, 2025, according to data published on the CBN’s website.
Although Thursday’s data on total turnover and the number of deals at the NFEM were not available at the time of reporting, activity in the market had weakened a day earlier. The number of deals declined to 359 on Wednesday from 306 recorded two days earlier, while total turnover dropped sharply to $292.72 million from $544.22 million on Tuesday.
