The Nigerian naira slid on Friday across both the official foreign-exchange market and the parallel or “black” market, leaving the currency weaker for the week’s close despite a reported rise in the country’s external reserves.
Key takeaways
- On the official market, the naira edged down to 1,370.19 per dollar on Friday from 1,370.15 on Thursday.
- In the parallel market, the naira weakened more sharply, falling to 1,405 per dollar from 1,935 the day before.
- Central Bank data cited in the report shows reserves climbed to $51.46 billion as of June 30, 2026.
- DAILY POST says the naira posted net gains on the official market compared with the prior week’s Friday rate.
Currency moves on official and parallel rates
Central Bank of Nigeria figures showed only a modest deterioration on the official foreign-exchange window. The naira weakened to 1,370.19 per U.S. dollar on Friday, compared with 1,370.15 per dollar traded on Thursday—an effective decline of 0.04 naira against the dollar.
In contrast, the parallel market reaction was larger. The naira dropped by 10 naira to 1,405 per dollar on Friday, according to the same reporting, after trading at 1,935 per dollar the previous day. Overall, the currency’s weakness across both segments underscored continued pressure on foreign-exchange pricing.
Reserves rise, but pressure persists
Friday’s slide came even as Nigeria’s external reserves were reported to have increased, reaching $51.46 billion by June 30, 2026. The juxtaposition highlighted a common tension in emerging-market FX dynamics: reserve accumulation does not always translate immediately into lower currency volatility or improved spot rates.
DAILY POST also reported that the naira’s performance on the official market reflected more gains than losses over the recent comparison period. It said the currency gained 10.74 naira per dollar versus last Friday’s official level of 1,380.93 per dollar, indicating that—despite Friday’s slight dip—the week’s broader movement on the official window had been more supportive than restrictive.
