Naira Appreciates by 0.55% at Official FX Window As Reserves Hit 13-Year High
- New data from the CBN revealed that the naira has appreciated against the US dollar at the official FX window
- The performance of the naira is supported by stronger external reserves, now above $50 billion
- The local currency also gained 0.68% against the pound, but slipped 0.19% against the euro
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Naira strengthened against the Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, June 15, appreciating by 0.55% due to bolstered external reserves and steady FX inflows.
At the official window, the currency strengthened by N7.56 to close at N1,356.27/ $1 as against N1,363.83/ $1 on the previous trading.
Source: Getty Images
Also gaining was the currency against the pound sterling with an increase of 0.68% at N1,808.86/1 from N1,821.25/1 previously, but slipped against the Euro at 0.19% after losing N2.96 to close at N1,575.85/1 from N1,572.89/1 previously.
At the GTBank FX Desk, the currency slipped by 0.15% against the US dollar, at N1,373/$1 from N1,371/$1.
At the parallel market, the naira, however, fell by N2 against the US dollar, rising from N1,380/$1 to N1,400/$1
Abdullahi, a Bureau de Change operator, told Legit.ng:
"The dollar is bought at N1,390 and sold at N1,400. Rates used to be higher than this. "We sell the euro at N1,600 and bought at N1,578, while the British pound sterling is sold at N1,860 and bought at N1,840".
External reserves boost naira
Analysts said the current performance of the currency shows market confidence due to an increase in external reserves as well as an improvement in foreign exchange inflow.
Nigeria's gross external reserves rose to a 13-year high of $50.505 billion, driven by factors such as oil receipts, remittances from Nigerians in the diaspora, and greater investor confidence in Nigerian assets.
The elevated reserve position provided much-needed support to the currency, bolstering expectations of continued exchange rate stability.
Official exchange rates
According to the Central Bank of Nigeria, the following were the updated exchange rates:
- Dollar: N1,356.27
- British pound: N1,808.86
- Euro: N1,575.85
- CFA: N2.40
- Yuan/Renminbi: N200.72
- Danish Krone: N210.78
- Japanese Yen: N8.47
- Saudi Riyal: N361.42
- South African Rand: N83.90
- Swiss Franc: N1,790.46
- SDR: N1,862.70
- WAUA: N1,861.95
- UAE Dirham: N369.26
Source: Getty Images
CBN MPC member speaks on naira performance
Speaking on the naira performance, in a statement, Lamido Abubakar Yuguda, one of the MPC members of CBN, said Nigeria’s improved external reserves have provided the naira with the needed stability.
His words:
“Nigeria’s external position has also improved markedly. Gross external reserves increased to $50.45 billion as of February 16, 2026, the highest in 13 years, providing nearly 10 months of import cover. This accumulation reflects stronger balance of payments fundamentals, sustained diaspora remittances, and rising investor interest in Nigerian assets. The robust reserve position has supported exchange rate stability and contributed to gradual naira appreciation, helping reduce imported inflation and anchor inflation expectations.
"Reserves provide a substantial capacity to absorb external shocks, defend the naira if necessary."
Expert says naira’s current exchange rate doesn’t reflect its real value
Earlier, Legit.ng reported that Bismarck Rewane, the Managing Director of Financial Derivatives Company (FDC), has stated that the naira remains undervalued by over 13% in spite of large-scale FX reforms and currency market stability experienced recently.
Rewane said this during his presentation at the Lagos Business School Breakfast.
The economist presented an analysis on the valuation of the naira based on the Purchasing Power Parity(PPP)- a commonly used economic concept used to evaluate currencies.
Source: Legit.ng
