Naira gains to N1,369.11/dollar at official market as reserves rise to $51.06bn
The Naira appreciated at the official foreign exchange market on Monday, June 17, 2026, trading at N1,369.11 per dollar, up from N1,370.46 the previous Friday. At the parallel market, the rate held steady at N1,400 per dollar. The Central Bank of Nigeria reported that foreign reserves increased to $51.06 billion as of June 19, 2026, continuing a recent upward trend. This follows a week where the Naira had weakened daily except for Monday’s gain.
For importers and businesses reliant on foreign currency, the stronger official rate reduces the cost of importing goods and servicing dollar-denominated debts, potentially easing inflationary pressure. Exporters, however, may see lower naira revenue per dollar earned. The unchanged black-market rate suggests limited arbitrage opportunities and indicates that the official gain has not yet fully permeated the parallel market.
Readers involved in forex transactions, trade, or remittances should compare official and parallel rates before converting money. Monitoring the CBN’s weekly reserve reports can help anticipate future exchange-rate movements. Will you take advantage of the current official rate for upcoming dollar payments, or wait to see if the parallel market adjusts?