Nigeria’s currency, the naira, continued its downward slide against the United States dollar on Wednesday, June 17, 2026, despite the country’s growing external reserves.
Data from the Central Bank of Nigeria showed that the naira depreciated to N1,360.07 per dollar at the official foreign exchange market, compared to N1,357.18 per dollar recorded on Tuesday, representing a loss of N2.89 in one day.
The situation was similar at the parallel market, where the naira weakened further to N1,400 per dollar, down from N1,395 per dollar traded the previous day.
The latest depreciation comes even as Nigeria’s external reserves climbed to $50.89 billion, raising concerns about the continued pressure on the foreign exchange market despite improved reserve levels.
The naira had posted a slight gain on Monday before reversing course on Tuesday and extending its losses on Wednesday, underscoring the persistent volatility in the country’s foreign exchange market.
Financial experts believe the future direction of the naira will depend on the level of foreign exchange inflows, investor confidence, and the effectiveness of policies designed to stabilize the market.
Tags: Naira Dollar Exchange Rate Forex Market CBN Nigeria Economy
