Forex Update: Naira weakens to N1,362/$ as reserves hit $50.35bn

The Nigerian naira recorded its first depreciation against the United States dollar this week at the official foreign exchange market, ending a brief period of appreciation recorded in previous trading sessions.

Data released by the Central Bank of Nigeria (CBN) showed that the local currency exchanged at N1,362.05 per dollar on Wednesday, June 10, 2026. This represents a slight decline from the N1,360.55 per dollar recorded on Tuesday.

The latest figure indicates that the naira lost N1.50 against the dollar on a day-to-day basis, highlighting renewed pressure on the foreign exchange market after two consecutive days of gains.

Despite the marginal depreciation, Nigeria’s external reserves continued to grow, providing a positive signal for the country’s foreign exchange position. According to data from the apex bank, the nation’s foreign reserves increased to $50.35 billion as of June 9, 2026, reflecting continued inflows and improved liquidity levels.

Analysts say the growth in foreign reserves could help strengthen the CBN’s ability to support the foreign exchange market and maintain stability in the value of the naira over time.

Meanwhile, activity at the parallel market, popularly known as the black market, remained stable. The naira traded at N1,395 per dollar on Wednesday, unchanged from the rate recorded a day earlier.

The stability in the black market suggests that demand and supply conditions in the informal foreign exchange segment remained largely balanced despite movements at the official window.

The latest development comes after the naira posted gains against the dollar during the first two trading days of the week, raising hopes among market participants that the local currency could sustain its positive momentum.

While Wednesday’s decline was relatively small, investors and businesses will continue to monitor developments in the foreign exchange market, particularly the impact of rising external reserves, monetary policy measures, and global economic conditions on the performance of the naira in the coming days.