Nigerian Naira Fluctuates While Central Bank Reserves Grow

The Central Bank of Nigeria reported a period of volatility for the naira against the United States dollar during the first two weeks of July 2026. On July 6, the currency appreciated by 0.14 percent to close at N1,368.26 per dollar, continuing a positive trend that had begun on June 29. This early stability was attributed to increased foreign exchange liquidity and transparency measures stemming from monetary reforms.

This momentum reversed by July 8, when the naira depreciated by 0.24 percent, falling approximately 3.32 naira to trade at roughly 1,379 per dollar. While the official market saw this decline from Tuesday's rate of approximately 1,375.75, the informal black market remained steady at 1,415 per dollar.

Despite the currency's fluctuations, the Central Bank of Nigeria reported a rise in external reserves, which reached $51.64 billion by July 9.