The Nigerian naira weakened slightly versus the US dollar on Wednesday at the official foreign exchange window, even as the country’s foreign reserves continued to climb, according to central bank figures.
Key takeaways
- At the official market, the naira fell to 1,362.05 per dollar on Wednesday.
- The Wednesday move marked the first decline for the naira in the week’s trading so far.
- Foreign reserves rose to $50.35 billion as of June 9, 2026.
- In the parallel market, the naira held steady at 1,395 per dollar on Wednesday.
- After recent gains earlier in the week, the currency eased day-to-day by 1.5 naira against the dollar at the official rate.
Official market: naira slips for first time this week
Central Bank of Nigeria data showed that the naira weakened for the first time during the current week at the official foreign exchange market. On Wednesday, it traded at 1,362.05 per US dollar, compared with 1,360.55 per dollar on Tuesday. On a simple day-to-day basis, that represented a decline of 1.5 naira against the dollar.
Reserves rise while parallel rate remains unchanged
The currency’s official slide occurred alongside a continued increase in Nigeria’s external buffers. The central bank reported that foreign reserves climbed further to $50.35 billion as of June 9, 2026.
Meanwhile, the naira’s rate in the black market did not change. It stayed at 1,395 per dollar on Wednesday, matching the rate recorded on Tuesday. In the two prior sessions earlier in the week, the naira had strengthened against the dollar.
