The naira slid further versus the U.S. dollar at Nigeria’s official foreign exchange window on Friday, extending a difficult stretch that left the week closing in negative territory. Figures from the Central Bank of Nigeria showed the currency weakened again to 1,362.21 naira per dollar, compared with 1,358.75 per dollar traded on Thursday. That move translates to a day-over-day decline of 3.46 naira.
Key takeaways
- The naira finished Friday at 1,362.21 per dollar in the official FX market.
- That compares with 1,358.75 per dollar on Thursday, a daily weakening of 3.46 naira.
- Friday’s move was the second straight depreciation at the official window during the week.
- In the black market, the naira held steady at 1,395 per dollar on Friday, unchanged from Thursday.
- Foreign reserves increased to 50.04 billion dollars as of June 4, 2026.
Official market slips, parallel market stays steady
Friday’s deterioration in the official foreign exchange market marked the second consecutive day the naira fell during the week in question. Despite the negative direction in the official window, trading conditions were different in the parallel market. There, the naira did not move: it remained at 1,395 per dollar on Friday, matching the rate seen on Thursday.
Reserves rise while FX signals diverge
Overall, the week featured mixed signals across Nigeria’s foreign exchange segments. While the official market recorded consecutive declines, the parallel market stayed flat throughout the same period. The backdrop to these currency dynamics includes an improvement in external buffers, with Nigeria’s foreign reserves rising to 50.04 billion dollars as of June 4, 2026.
