The Nigerian naira showed a modest turnaround on Tuesday, posting its first gain against the US dollar at the official foreign-exchange window in five trading days. Central Bank of Nigeria figures indicated the currency strengthened to 1,379.68 naira per dollar on Tuesday, compared with 1,383.63 naira per dollar on Monday. On a day-to-day basis, that represents an appreciation of 3.95 naira versus the dollar.
Official market: first dollar gain in five days
The move marks the first appreciation in the official market since June 22, 2026, when the naira-to-dollar rate was 1,369.11 naira per dollar. It comes after a stretch of weaker performance earlier in the week, including the currency’s fifth consecutive day of depreciation against the dollar in the official foreign-exchange market on Monday.
- Tuesday official rate: 1,379.68 naira per dollar
- Monday official rate: 1,383.63 naira per dollar
- Daily change (official): +3.95 naira per dollar
- Last official appreciation before Tuesday: June 22, 2026 (1,369.11 naira per dollar)
Parallel market: rate holds steady
While the official market saw a firmer naira, the parallel (black) market did not mirror the same direction. On Tuesday, the naira was unchanged at 1,395 naira per dollar, matching the level quoted on Monday.
- Tuesday black-market rate: 1,395 naira per dollar
- Monday black-market rate: 1,395 naira per dollar
- Change in parallel market: none
External position remains supported as pressure continues
The mixed signals across Nigeria’s official and parallel exchange markets are unfolding alongside an ongoing improvement in the country’s external position. External reserves were reported at 51.43 billion US dollars as of Monday, June 29, 2026, reflecting a sustained upward trend.
Even so, the currency’s recent history at the official window underscores that volatility remains a key feature of the market. The naira had continued to weaken against the dollar at the official exchange rate for a fifth time on Monday, before Tuesday’s incremental appreciation.
What the latest rates suggest for the near term
Tuesday’s official-market gain indicates short-term stabilization after a sequence of declines, but the unchanged parallel-market rate suggests traders in the street market did not adjust pricing in tandem. With external reserves still trending higher and the official rate recently moving both down and up, the next sessions will likely determine whether the naira’s improvement can hold beyond a single day.
