By Boluwatife Oshadiya | June 17, 2026
Key Points
- Naira depreciates to ₦1,357.18/$ at the official FX market
- Interbank foreign exchange turnover rises 28% to $1.256 billion
- Nigeria’s external reserves climb to $50.81 billion, the highest level since 2009
Main Story
The naira weakened slightly against the United States dollar on Tuesday despite a sharp increase in foreign exchange liquidity at the Nigerian Foreign Exchange Market (NFEM), where interbank turnover exceeded $1.2 billion.
Data released by the Central Bank of Nigeria (CBN) showed the official exchange rate closed at ₦1,357.18 per dollar, compared with ₦1,356.27 recorded in the previous trading session. The decline came as demand for foreign currency from corporates and other eligible market participants outpaced supply despite improved market liquidity.
Market data indicated that total interbank FX turnover surged by 28% to $1.256 billion, up from $985.56 million recorded on Monday, reflecting heightened activity among authorised dealers and primary market makers.
Dealers quoted transactions within a range of ₦1,355.50/$ and ₦1,359/$ during the trading session, highlighting continued stability within the official market despite the marginal depreciation.
The currency movement occurred as Nigeria’s gross external reserves climbed to $50.813 billion, marking the country’s highest reserve position in more than 17 years. Recent reserve growth has been supported by stronger oil receipts, improved crude production levels and increased foreign currency inflows.
Meanwhile, global oil prices retreated sharply amid optimism surrounding diplomatic efforts aimed at easing tensions in the Middle East and restoring normal crude supply routes. Lower oil prices could moderate future foreign exchange inflows if sustained, given Nigeria’s dependence on hydrocarbon exports for dollar earnings.
What’s Being Said
“The recent rise in reserves reflects improving external sector fundamentals and stronger FX inflows into the economy,” according to recent market commentary cited by financial analysts.
“Higher oil production is positive for Nigeria’s revenue, foreign exchange and fiscal position,” said Wale Edun during recent remarks on Nigeria’s economic outlook.
What’s Next
- Markets will closely monitor the outcome of the latest U.S. Federal Reserve policy meeting for signals on future interest rate direction.
- Investors will watch crude oil prices following recent declines and their potential impact on Nigeria’s export earnings.
- FX traders are expected to assess whether the elevated interbank turnover can provide sustained support for naira stability.
Bottom Line
The Bottom Line: While the naira posted a modest decline, the sharp rise in FX turnover and record-high external reserves suggest underlying liquidity conditions remain strong. Sustained reserve growth and higher oil output could help cushion future exchange rate pressures, although softer global oil prices remain a key risk.
