Naira strengthens to N1,356 per dollar at the official market as Nigeria’s foreign reserves climb to $50.51bn
The naira gained strength on Monday in the official foreign exchange market. It closed at N1,356 per dollar. This is its best level since April 23, 2026. The previous close on Friday was N1,365.4 per dollar. That shows a clear daily improvement in value.
Market data from the Central Bank of Nigeria shows a steady recovery. The naira appreciated by N9.4 against the dollar in one session. Trading during the day moved between N1,354.5 and N1,360 per dollar. The average rate settled at N1,356.53. Nigeria’s external reserves also stood strong at $50.51 billion as of June 11, 2026.
Several factors are driving this positive movement. Foreign exchange inflows have improved liquidity in the market. CBN reforms are also making the FX system more transparent. These steps are helping investor confidence slowly return. Stronger reserves are giving the bank more power to support the naira when needed.
Global conditions are also playing a role. The US dollar weakened in international markets during the period. The dollar index hovered around 99.66. This followed easing global tensions and improved risk appetite among investors. As a result, demand for safe-haven assets like the dollar reduced. Emerging market currencies, including the naira, benefited from this shift.
Looking ahead, analysts expect more stability if current trends continue. The Central Bank of Nigeria projects external reserves may rise to $51.04 billion in 2026. If inflows remain steady, exchange rate pressure may reduce further. This could support business planning and lower import-driven inflation risks.
For now, the naira’s latest gain signals cautious optimism in the FX market.
