Nigeria's currency, the naira, lost value against the US dollar at the Nigerian Foreign Exchange Market (NAFEM) on Tuesday, June 23, 2026, while black market operators adjusted their rates amid increased trading activity.
Official Rate Drops Marginally
Data from the Central Bank of Nigeria (CBN) revealed that the naira depreciated by N1.53 or 0.11% at the official forex window, closing at N1,370.64/$1 compared to N1,369.11/$1 in the previous session. This marks a continued slide for the naira, which had briefly rallied earlier in the week.
Black Market and Bank Rates
At the parallel market, Bureau De Change (BDC) operators quoted the dollar at N1,395/$1 for selling. At GTBank's forex desk, the dollar remained stable at N1,380/$1. Abdullahi, a BDC trader, told Legit.ng: "The dollar buying rate is N1,385, while the selling rate is N1,395. The pound sterling is bought at N1,840 and sold at N1,860. The euro buying rate is N1,572, while the selling rate stands at N1,592."
Naira Gains Against Pound and Euro
Despite the loss against the dollar, the naira appreciated against the British pound and the euro at the official market. The naira closed higher at N1,810.75/GBP, gaining N4.69 from the previous rate of N1,815.44/GBP. Against the euro, the naira strengthened by N5.37 to N1,561.02/EUR from N1,566.39/EUR.
Increased Trading Activity
The latest CBN data revealed improved trading activity at the official window. Interbank foreign exchange turnover between banks and market makers surged by 92% to $125.314 million across 106 transactions, compared to $65.206 million in the prior session. This suggests increased liquidity, though dollar demand remains strong.
External Reserves Rise
The CBN reported that Nigeria's external reserves climbed from $51.060 billion to $51.142 billion, providing a buffer for currency stability. The central bank has been focused on enhancing forex liquidity to support the naira.
Other Major Currency Rates
As of June 23, 2026, the official exchange rates for other major currencies were: CFA franc at N2.39, Chinese yuan at N201.94, Danish krone at N208.80, euro at N1,561.02, Japanese yen at N8.48, Iranian rial at N365.08, South African rand at N82.99, Swiss franc at N1,693.40, British pound at N1,810.75, and US dollar at N1,370.64.
Context: Tanzania Bans Dollar Use
In a related development, the Bank of Tanzania has issued a directive restricting the use of foreign currencies, including the US dollar, for local transactions. The new regulation requires businesses and individuals to price and settle payments in Tanzanian shillings, with exceptions for specific transactions. Foreign currency holders must exchange at commercial banks or licensed Bureau de Change outlets.
