Naira appreciates N7 to N1,369/$ on July 1, 2026
The naira appreciated to N1,369 per US dollar at the official foreign exchange market on July 1, 2026, gaining N7 from the N1,376/$ recorded on June 30. The currency traded between N1,368/$ and N1,378.50/$, with a weighted average rate of N1,372.41/$. Official market turnover in the prior session exceeded $1.06 billion, while interbank turnover stood at $90.30 million. This rebound followed a volatile end to June, during which the naira fluctuated between N1,383/$ and N1,389/$ despite healthy liquidity.
The movement matters because it reflects sustained foreign exchange liquidity and supports Nigeria’s external reserves, which rose above $51 billion—the highest level since 2009—after gaining more than $1 billion in the first half of June. A stronger naira can ease import costs, moderate inflationary pressures, and improve purchasing power for consumers and businesses. It also signals growing investor confidence in the Nigerian economy amid global monetary policy shifts and steady U.S. dollar trends.
What should you know or do? Monitor CBN communications for policy cues, consider the timing of any forex transactions, and note that the naira closed June at N1,376/$. If the appreciation continues, it may reduce cost pressures on goods and services. Decide whether to hold or convert currency based on your risk tolerance and outlook for further movements.