Nigeria’s foreign exchange buffers have climbed to a 17-year peak, reaching $51.03 billion, even as the naira has continued to slide against the U.S. dollar. Central Bank data show the currency weakened sharply to N1,370.46 per dollar on Friday at the official foreign exchange window, marking the steepest decline in the week-long period reviewed.
Key takeaways
- Nigeria’s foreign reserves rose to $51.03 billion, the highest level in 17 years as of Thursday, June 18, 2026.
- The naira fell to N1,370.46 per dollar at the official market on Friday, the largest daily drop in the week under review.
- Between Monday, June 15, and Friday, June 19, 2026, the local currency weakened by N14.19 against the dollar.
- At the official market, the naira traded with a bearish bias for most of the week, rising only on Monday before weakening again.
- In the parallel (black) market, the naira was broadly steady, holding around N1,395 to N1,400 per dollar during the week.
Naira slides at official window despite reserve gains
Central Bank of Nigeria figures indicate that the naira depreciated materially versus the U.S. dollar on Friday, closing at N1,370.46 per dollar in the official foreign exchange market. That move represents the biggest deterioration recorded across the week under review.
Looking across the week, the central bank’s foreign exchange records point to continued pressure on the currency. Over the span from Monday, June 15, to Friday, June 19, 2026, the naira lost N14.19 against the dollar. This pattern suggests that even with a stronger reserve position, near-term currency dynamics remained unfavorable for the local unit.
Official market trend versus parallel-market stability
Across the same monitoring window, the official exchange market remained dominated by downward momentum. The naira was bearish through the week, with the exception of Monday—indicating that any improvement at the start of the period did not extend into subsequent trading days.
Meanwhile, the parallel market showed less movement. The naira stayed close to the N1,395 to N1,400 per dollar range throughout the week under review, suggesting that changes in the official rate did not immediately translate into large swings in the black-market pricing during the period observed.
