The Nigerian naira appreciated against the US dollar on Monday, closing at N1,356 per dollar at the official foreign exchange window its strongest performance since late April 2026.
Data from the Central Bank of Nigeria (CBN) showed the local currency gained N9.4 from Friday’s closing rate of N1,365.4. Intraday trading ranged between N1,354.5 and N1,360, with the session’s simple average rate settling at N1,356.53.
This marks a welcome reversal after minor pressure in the preceding sessions and reflects improved liquidity conditions in the foreign exchange market.
Reserves Continue to Climb
The naira’s gain is supported by the steady build-up in Nigeria’s external reserves, which rose to $50.51 billion as of June 11, 2026. The strong reserve position has enhanced the CBN’s capacity to defend the currency and reduce volatility through timely interventions.
Global Dollar Weakens
The positive movement also aligned with a softer US dollar in international markets. The US Dollar Index hovered near 99.66, close to a 10-day low, following reports of progress toward a Middle East peace agreement. This reduced safe-haven demand for the greenback and provided support for emerging market currencies, including the naira.
The euro strengthened to around $1.159, while sterling traded near $1.3413 as global investors shifted focus to upcoming monetary policy decisions from major central banks.
Positive Momentum
Analysts attribute the naira’s recent stability to sustained foreign exchange reforms, better liquidity, and stronger external buffers. The CBN’s ongoing efforts to enhance market transparency and attract inflows have helped create a more predictable trading environment.
While the latest appreciation offers some relief to importers and businesses with foreign currency obligations, experts note that maintaining this stability will require consistent oil revenue inflows, prudent fiscal policies, and continued effective management of the foreign exchange market.
The development signals a period of relative calm in the FX space, though market watchers will be monitoring global oil prices, geopolitical developments, and domestic policy actions for further direction in the coming days.
