Naira slips to N1,361.5/$ as forex turnover drops 57% despite rising reserves

The naira depreciated to N1,361.5/$ on Wednesday, June 17, 2026, from N1,356.5/$ in the previous session, according to CBN data. Forex market turnover fell 57% to $54.29 million from $125.69 million, with completed deals dropping from 125 to 74. The day's trading ranged between N1,357/$ and N1,361.5/$, averaging N1,360.13/$.

Despite the depreciation, Nigeria’s external reserves rose to $50.89 billion as of June 16, 2026, up from earlier lows, giving the CBN more liquidity support. Global dollar strength, driven by expectations of further Federal Reserve rate hikes and Middle East geopolitical tensions, pressured emerging market currencies including the naira. The modest move shows market resilience amid sustained foreign currency inflows.

Reserves have increased steadily in June, gaining over $1 billion in the first half of the month, reflecting CBN reforms that improved inflows. Traders should watch global dollar pressure and reserve levels for future naira direction. Will you hold foreign currency assets or adjust import pricing given the naira's slight weakening amid stronger reserves?

SOURCE: https://nairametrics.com/2026/06/18/naira-weakens-to-n1361-5-as-fx-market-turnover-drops-57/