The naira recorded mixed movements across foreign exchange markets on Tuesday, weakening slightly against the U.S. dollar to ₦1,373.00/$1 in the NAFEM window compared with ₦1,369.00/$1 in the previous session.
The movement represents a depreciation of ₦4.00 or 0.29%, according to figures sourced from the Central Bank of Nigeria (CBN).
In the parallel market, the naira also weakened marginally against the dollar as Bureau De Change (BDC) operators quoted the currency at ₦1,386.00/$1, compared with ₦1,385.00/$1 a day earlier, representing a decline of ₦1.00 or 0.07%.
At approximately ₦13 per dollar, the gap between the official market and the parallel market is significantly lower than levels seen during periods of acute foreign exchange scarcity, indicating improved market alignment and reduced incentives for arbitrage activity.
The local currency appreciated slightly against the British pound, strengthening to ₦1,848.00/£1 from ₦1,850.00/£1 previously.
However, the naira weakened against the euro, trading at ₦1,585.00/€1 compared with ₦1,580.00/€1 in the previous session,
The exchange rate against the Canadian dollar remained unchanged at ₦1,005.00/CAD, suggesting relative stability in
External Reserves Continue Gradual Recovery
Meanwhile, Nigeria’s external reserves posted another modest increase, offering additional support to the country’s foreign exchange position.
The reserves rose to $51.142 billion as of June 22, 2026, up from $51.061 billion recorded on June 19. The increase of $81 million represents a 0.16% rise over the period.
