Naira Holds Firm As External Reserves Climb Above $51bn

Nigeria’s foreign exchange market recorded relative stability on Tuesday, June 23, 2026, with the naira maintaining its position across key segments despite minor fluctuations in the official market.

Data from the Central Bank of Nigeria (CBN) showed that the naira closed at ₦1,370.64/$1 at the Nigerian Foreign Exchange Market (NAFEM), compared to ₦1,369.11/$1 recorded the previous day, reflecting a marginal 0.11 per cent depreciation.

At the parallel market, however, the local currency remained unchanged at ₦1,395/$1, underscoring sustained stability in the unofficial segment. The naira also strengthened slightly against the euro, appreciating to ₦1,597/€1 from ₦1,600/€1, while maintaining a steady rate of ₦1,860/£1 against the British pound.

In a further boost to market confidence, Nigeria’s external reserves rose to $51.14 billion, up from $51.06 billion the previous day, representing a 0.16 per cent increase and reinforcing the country’s foreign exchange buffer.

The latest figures suggest continued resilience in the foreign exchange market, supported by improving reserve levels and relative calm across major currency trading windows.