Naira slips to N1,389/$ as dollar strengthens, hits lowest close since April

The naira closed at N1,389 to the US dollar on June 24, 2026, slipping N16 from the previous day’s N1,373 and marking its weakest close since April 7, when it also traded at N1,389. The currency traded between N1,368 and N1,392 during the session, with a weighted average rate of N1,380.08 and a simple average of N1,380.46. Interbank turnover rose slightly to $125.59 million from $125.31 million, and the number of deals increased to 126 from 106.

The drop comes amid a broader strengthening of the US dollar, which pushed the dollar index to a 13‑month high of 101.8, lifted the euro to $1.1325 and the yen to 161.73, and pushed gold below $4,000 and Bitcoin under $60,000. A stronger dollar raises the cost of imports, fuels inflation and squeezes household budgets, especially for families reliant on imported goods, fuel, school fees or overseas tuition.

Despite the pressure, Nigeria’s foreign reserves rose above $51 billion in June—the highest since 2009—gaining more than $1 billion in the first half of the month, supported by stronger FX inflows. The CBN says it has maintained a stable exchange‑rate framework through market reforms and improved liquidity, and it projects a stronger reserve position for 2026. How will you adjust your budget, business pricing or savings plans to cope with a weaker naira, and what steps will you take to hedge against further depreciation?

SOURCE: https://nairametrics.com/2026/06/25/naira-records-sharpest-daily-loss-since-april-closes-at-n1389/