The naira edged higher versus the US dollar at Nigeria’s official foreign exchange market to start the week on Monday, a move that follows recent day-to-day swings earlier in the week. Central Bank of Nigeria figures showed the local currency firmed to 1,362.84 per dollar on Monday, improving from 1,362.21 quoted at the close of trading last Friday.
Naira firms at the official FX market
By comparing the two official rates, the naira gained 0.64 naira against the dollar on a day-to-day basis. The change signals a modest return to appreciation in the regulated market after a weaker run in the preceding sessions.
Black market holds steady
In the parallel (black) market, the naira did not move over the same period. The exchange rate remained unchanged at 1,395 per dollar on Monday, matching the level recorded at the end of last week.
- Official market: naira at 1,362.84 per dollar on Monday, up from 1,362.21 on Friday
- Day-to-day change (official): gain of 0.64 naira per dollar
- Black market: held flat at 1,395 per dollar on Monday, the same as last week’s close
Reserves rise as prior depreciation fades
The currency’s improvement comes alongside a further increase in foreign reserves. Apex bank data indicated that Nigeria’s foreign reserves reached 50.12 billion US dollars as of Friday, June 5, 2026.
Looking back at the recent pattern, the naira had weakened against the dollar at the official foreign exchange market on both Thursday and Friday prior to Monday’s shift higher.
