Naira Holds Firm at N1,363 Per Dollar as Reserves Hit $50.5 Billion

The Nigerian naira traded stable against the United States dollar on Tuesday, June 16, 2026, maintaining its recent strength across both official and parallel market segments. At the official Nigerian Foreign Exchange Market window, the naira closed at approximately N1,363.83 per dollar, while the parallel market quoted the dollar at N1,390 for buying and N1,400 for selling.

The currency’s stability comes as Nigeria’s external reserves climbed to $50.51 billion as of June 11, 2026, a 32.85 percent year-on-year increase that strengthens the Central Bank of Nigeria’s capacity to support the currency. The reserves have not crossed the $50 billion mark since January 2009, underscoring the impact of ongoing foreign exchange reforms and improved dollar liquidity.

The gap between official and parallel market rates narrowed to roughly N36 per dollar on Tuesday, reflecting continued convergence attributed to the CBN’s market transparency efforts. Currency dealers reported steady dollar demand across major commercial centres, with supply conditions continuing to shape pricing in the informal market.

Nairametrics data showed the naira had strengthened to N1,356 per dollar on Monday, its best closing rate since April 23, 2026, appreciating N9.4 from the previous Friday’s close . However, Businessday reported that the NFEM window closed at N1,363.83 on Tuesday, holding within the N1,360 range observed in recent sessions.

Meanwhile, analysts expect the naira’s trajectory to remain dependent on foreign exchange inflows, monetary policy measures, and broader market demand dynamics in the days ahead.