The Nigerian naira weakened slightly against the US dollar in the official foreign exchange market on Thursday, dropping by N1.49 to close at N1,358.75 per dollar.
Data released by the Central Bank of Nigeria (CBN) showed the local currency traded at N1,357.26 the previous day. This represents the first daily decline recorded this week after a relatively stable start.
In contrast, the naira held steady in the parallel market, trading unchanged at N1,395 per dollar, the same rate as Wednesday.
Reserves Remain Strong
The minor depreciation occurred despite continued growth in the country’s external reserves, which stood at $49.96 billion as of June 3, 2026. The healthy reserve position reflects improving foreign exchange inflows and provides some cushion for the local currency.
The narrow gap between the official and parallel market rates suggests better alignment in the foreign exchange market in recent times. Market participants will be watching closely to see whether the slight official market softening signals the start of renewed pressure or remains a temporary movement amid ongoing CBN interventions and liquidity management.
