The Nigerian naira strengthened against the US dollar on Thursday in the official foreign exchange market, according to Central Bank of Nigeria data, extending a recent pattern of gains while external reserves rose to a fresh high for the period.
Key takeaways
- At the official FX window on Thursday, the naira rose to 1,370.15 per dollar.
- This compares with 1,372.41 per dollar on Wednesday, implying a daily improvement of 2.26 naira per dollar.
- The unofficial “black market” rate held steady at 1,395 per dollar on Thursday, unchanged from Wednesday.
- External reserves climbed to 51.46 billion dollars as of June 30, 2026.
- Since Monday, the naira has generally posted increases versus the dollar at the official market, with the exception of Monday.
Official naira strengthens while parallel market stays unchanged
Thursday’s movement continued the naira’s recent appreciation trend at Nigeria’s official foreign exchange market. The Central Bank of Nigeria reported that the currency strengthened further to 1,370.15 per dollar, improving from 1,372.41 per dollar in the prior session. On a day-to-day basis, that represented a gain of 2.26 naira per dollar.
By contrast, the parallel market showed no change. The black market rate remained flat at 1,395 per dollar on Thursday, matching the rate traded on Wednesday. The gap between the official and unofficial rates therefore persisted, with traders continuing to price dollars differently depending on market segment.
Reserves rise to $51.46 billion
The currency’s official-market strengthening comes alongside a rise in Nigeria’s external reserves. The country’s reserves increased further to 51.46 billion dollars as of June 30, 2026, according to the same data referenced in the report. Higher reserves can support market confidence by improving the country’s ability to meet external obligations and manage liquidity pressures.
Overall, the latest figures indicate that the naira’s gains at the official FX window have been relatively consistent in recent sessions, with the exception of Monday, when the currency did not record appreciation against the dollar.
