The naira gained ground in the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at N1,362.16/$ on June 8, up from N1,365.00 recorded on June 5.
In the parallel market, the dollar was steady at N1,400/$, unchanged from the previous session. The pound sterling eased slightly to N1,875/ £1 (from N1,880), while the euro strengthened against the local currency, trading at N1,630/ €1
External Reserves Continue to Rise
Nigeria’s external reserves maintained their positive momentum, rising to $50.118 billion as of June 5, 2026, from $50.038 billion on June 4, a 0.16% increase. This marks a continued recovery in the country’s foreign exchange buffers, providing some cushion for monetary authorities as they navigate ongoing FX market reforms.
The marginal strengthening in the official window and stability in the parallel market suggest improving dollar supply conditions, likely supported by recent CBN interventions, higher oil revenues, and inflows from diaspora remittances.
However, the persistent premium between the official and parallel rates of around ₦38 indicates that demand pressures remain elevated among retail and corporate end-users.
