By Boluwatife Oshadiya | June 26, 2026
Key Points
- The naira remained broadly stable at the official market, closing at ₦1,380.11 per US dollar despite continued pressure on foreign exchange demand.
- Interbank foreign exchange turnover surged by about 56% to $195.37 million, indicating stronger trading activity in the Nigerian Foreign Exchange Market (NFEM).
- Falling global crude oil prices could weigh on Nigeria’s foreign exchange earnings if the downward trend persists.
Main Story
The naira traded largely unchanged against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, even as interbank foreign exchange turnover recorded a sharp increase, signalling improved liquidity within the official market.
According to data released by the Central Bank of Nigeria (CBN), the local currency closed at ₦1,380.1079 per dollar, marginally higher than the previous session’s closing rate of ₦1,380.0775. During the trading session, the naira exchanged between an intraday high of ₦1,376 and a low of ₦1,390.50, reflecting continued demand for foreign exchange despite relative market stability.
Trading activity strengthened considerably, with total interbank FX turnover rising by approximately 56% to $195.37 million, compared with $125.59 million recorded a day earlier. The increase suggests improved participation by authorised dealers and stronger liquidity within the official market, even as exchange rate movements remained relatively muted.
In the parallel market, the naira held steady at around ₦1,388 per dollar, indicating limited price movement outside the official trading window and suggesting that recent monetary and foreign exchange reforms continue to support exchange rate convergence.
Meanwhile, developments in the international oil market remain a key focus for investors. Brent crude futures fell 1.5% to $72.68 per barrel, while US West Texas Intermediate (WTI) crude declined to $69.58 per barrel. Both benchmark contracts slipped to their lowest levels since late February as expectations of increased supply from the Middle East outweighed concerns over global demand.
For Nigeria, where crude oil exports remain the country’s largest source of foreign exchange earnings, sustained weakness in oil prices could reduce external inflows and increase pressure on the naira if export revenues soften in the months ahead.
What’s Being Said
“The improvement in interbank turnover reflects stronger market participation and continued liquidity within the official foreign exchange window,” market participants said following Thursday’s trading session.
Currency analysts also noted that while the naira has remained relatively stable in recent weeks, its medium-term outlook will continue to depend on sustained foreign exchange inflows, crude oil receipts and the Central Bank of Nigeria’s commitment to market reforms.
What’s Next
- Investors will monitor upcoming CBN foreign exchange data for signs of sustained liquidity in the official market.
- Global oil prices will remain a major factor influencing Nigeria’s external reserves and foreign exchange supply.
- Market participants will continue to watch for further monetary policy signals from the CBN aimed at sustaining exchange rate stability and narrowing the gap between the official and parallel markets.
Bottom Line
The Bottom Line: The naira’s resilience despite persistent demand for foreign exchange suggests that recent reforms are helping stabilise the official market. However, Nigeria’s exchange rate outlook remains closely tied to external factors, particularly oil prices and foreign capital inflows, making sustained macroeconomic stability critical to preserving the currency’s recent gains.
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