Naira closes June 2026 at N1,376/$, slightly weaker monthly but stronger year-on-year
The naira ended June 2026 at N1,376 per US dollar in the official foreign exchange market, a slight depreciation of N10 (0.7%) from N1,366/$ at the start of the month. According to CBN data, the currency traded between a monthly high of N1,356/$ on June 15 and a low of N1,389/$ on June 24, reflecting a N33 swing. Interbank turnover on June 30 was $269.9 million with no NFEM turnover reported that day, while NFEM activity remained robust earlier in the month ($985.6 million on June 15, $923.6 million on June 25, $910.8 million on June 29). Year-on-year, the naira appreciated from N1,532/$ on June 30, 2025 to N1,376/$, a gain of N156 or about 10.2%. This stronger annual performance is attributed to improved market transparency, tighter liquidity management, increased diaspora remittances, stronger foreign portfolio inflows, oil export receipts, and CBN reforms aimed at curbing speculative demand. Experts note the exchange rate has become more predictable and resilient, but stress that sustaining stability requires sustainable foreign exchange earnings from oil, non-oil exports and foreign direct investment.
For Nigerians, a relatively stable naira helps moderate import‑driven inflation and supports business planning, though the slight monthly weakening may nudged up costs for importers. The improving FX environment suggests growing confidence in the official window, yet the market remains sensitive to shifts in dollar demand and supply.
Consider monitoring CBN policy announcements and reserve levels (which rose above $51 billion in early June) when planning forex‑dependent purchases or investments. If you engage in import/export activities, evaluate whether to lock in rates now or wait for further policy clarity, and keep an eye on indicators such as oil production and remittance inflows that could influence future naira strength.
SOURCE: https://nairametrics.com/2026/07/01/naira-closes-june-at-n1376-despite-intra-month-volatility/