The Naira strengthened against the Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 15, appreciating by 0.55% due to bolstered external reserves and steady FX inflows.
Naira Gains at Official Window
At the official window, the currency strengthened by N7.56 to close at N1,356.27 per dollar, compared to N1,363.83 per dollar in the previous trading session. This performance reflects growing market confidence driven by an increase in external reserves and improved foreign exchange inflows.
Performance Against Other Currencies
The naira also gained against the British pound sterling, rising by 0.68% to N1,808.86 per pound from N1,821.25 per pound previously. However, it slipped against the euro by 0.19%, losing N2.96 to close at N1,575.85 per euro from N1,572.89 per euro earlier.
At the GTBank FX Desk, the naira slipped by 0.15% against the US dollar, trading at N1,373 per dollar from N1,371 per dollar. In the parallel market, the naira fell by N2 against the US dollar, moving from N1,380 per dollar to N1,400 per dollar.
Abdullahi, a Bureau de Change operator, told Legit.ng: "The dollar is bought at N1,390 and sold at N1,400. Rates used to be higher than this. We sell the euro at N1,600 and bought at N1,578, while the British pound sterling is sold at N1,860 and bought at N1,840."
External Reserves Boost Naira
Analysts attribute the naira's current performance to market confidence stemming from a rise in external reserves and improved foreign exchange inflows. Nigeria's gross external reserves climbed to a 13-year high of $50.505 billion, driven by oil receipts, remittances from Nigerians abroad, and greater investor confidence in Nigerian assets. This elevated reserve position has provided crucial support to the currency, bolstering expectations of continued exchange rate stability.
Official Exchange Rates
According to the Central Bank of Nigeria (CBN), the updated exchange rates are as follows:
- Dollar: N1,356.27
- British Pound: N1,808.86
- Euro: N1,575.85
- CFA: N2.40
- Yuan/Renminbi: N200.72
- Danish Krone: N210.78
- Japanese Yen: N8.47
- Saudi Riyal: N361.42
- South African Rand: N83.90
- Swiss Franc: N1,790.46
- SDR: N1,862.70
- WAUA: N1,861.95
- UAE Dirham: N369.26
CBN MPC Member Comments on Naira Performance
Lamido Abubakar Yuguda, a member of the CBN Monetary Policy Committee (MPC), stated that Nigeria's improved external reserves have provided the naira with needed stability. He said: "Nigeria’s external position has also improved markedly. Gross external reserves increased to $50.45 billion as of February 16, 2026, the highest in 13 years, providing nearly 10 months of import cover. This accumulation reflects stronger balance of payments fundamentals, sustained diaspora remittances, and rising investor interest in Nigerian assets. The robust reserve position has supported exchange rate stability and contributed to gradual naira appreciation, helping reduce imported inflation and anchor inflation expectations. Reserves provide a substantial capacity to absorb external shocks, defend the naira if necessary."
Expert Says Naira’s Current Rate Doesn’t Reflect Real Value
Earlier, Legit.ng reported that Bismarck Rewane, Managing Director of Financial Derivatives Company (FDC), stated that the naira remains undervalued by over 13% despite large-scale FX reforms and recent currency market stability. Rewane made this remark during his presentation at the Lagos Business School Breakfast, where he analyzed the naira's valuation based on Purchasing Power Parity (PPP), a commonly used economic concept for evaluating currencies.
