Nigerian Naira Dips as External Reserves Rise to $50.35 Billion

The Central Bank of Nigeria reported volatile movement for the naira against the US dollar at the official foreign-exchange window between June 8 and June 11, 2026. After strengthening to 1,360.55 per dollar on Tuesday, June 10, the currency experienced its first depreciation of the trading week on Wednesday, June 11, slipping to 1,362.05 per dollar.

This daily decline of 1.5 naira followed two days of gains. Despite the dip at the official window, the naira remained stable in the parallel market, holding steady at 1,395 per dollar. Simultaneously, Nigeria's external reserves showed growth, increasing from $50.27 billion on June 8 to $50.35 billion by June 9, 2026.

Market observers indicate that the slight growth in reserves may provide a buffer against further currency volatility, though the dip at the official window suggests ongoing pressure on liquidity. Analysts suggest these fluctuations reflect a delicate balance in monetary policy as the government attempts to stabilize the exchange rate to curb inflation and support macroeconomic stability.