The Nigerian naira strengthened marginally against the US dollar at the official foreign exchange market on Monday, June 8, 2026, marking a positive start to the new trading week.
Data from the Central Bank of Nigeria (CBN) showed the local currency appreciated by 64 kobo to close at N1,362.84 per dollar, compared to N1,362.21 recorded on Friday.
In the parallel market, the naira held steady at N1,395 per dollar, remaining unchanged from the previous week’s close.
Reserves Reach New Milestone
The slight recovery in the naira comes as Nigeria’s external reserves continued their upward trend, rising to $50.12 billion as of Friday, June 5, 2026. This represents one of the strongest reserve positions in recent times and provides additional support for currency stability.
The naira had faced mild pressure with small declines on Thursday and Friday last week before rebounding at the beginning of this week.
The latest development reflects improved foreign exchange liquidity and sustained inflows into the economy. Market participants will be monitoring whether the positive momentum can be sustained in the coming sessions amid ongoing Central Bank interventions and broader macroeconomic factors.
