Naira Crashes to New Exchange Rate Against US Dollar
- The naira weakened against the US dollar at the official foreign exchange market, trading at N1,360.07/$1
- The local currency also lost value against the British pound and euro, while it stayed unchanged at N1,385/$1
- The International Monetary Fund (IMF) has revealed what it considers the "fair value" of the Nigerian naira
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian naira depreciated against the United States dollar by 0.21% or N2.89 at the Nigerian Foreign Exchange Market (NAFEM) on Wednesday, June 17, 2026, closing at N1,360.07/$1 compared with Tuesday’s rate of N1,357.18/$1.
The local currency also recorded losses against other major currencies at the official market during the session.
Source: Getty Images
New exchange rates
The naira weakened by N4.42 against the British pound sterling to trade at N1,824.81/£1 from N1,820.39/£1 recorded in the previous session, while it lost N4.19 against the euro to close at N1,577.96/€1 compared with N1,573.79/€1.
However, the currency gained at the GTBank segment of the market, appreciating by N1 against the dollar to exchange at N1,372/$1 from N1,373/$1.
At the parallel market, the naira fell against the dollar to N1,400 on Wednesday.
The latest movement comes amid limited foreign exchange inflows from exporters, non-bank corporates and foreign investors, with Nigeria’s gross external reserves standing at $50.505 billion.
The reserves level has recorded slow growth despite some inflows from crude oil sales, following a recent decline in international oil prices.
Here are other currencies' exchange rates
The CBN also provided the updated currency exchange rate changes below:
- CFA: N2.40
- Yuan/Renminbi: N201.22
- Danish Krona: N211.08
- Euro: N1,577.96
- Yen: N8.49
- Riyal: N362.39
- South African Rand: N84.04
- SDR: N1,867.92
- Swiss Franc: N1,715.75
- Pounds Sterling: N1,824.81
- US Dollar: N1,360.07
- WAUA: N1,855.08
- UAE Dirham: N370.33
Source: Getty Images
IMF on naira
Meanwhile, the International Monetary Fund (IMF) has revealed what it considers the "fair value" of the Nigerian naira, saying the local currency remains significantly undervalued despite recent gains against the United States dollar across official and parallel foreign exchange markets.
In its latest assessment of Nigeria's economy, the Washington-based lender said the naira is trading about 25.6 per cent below its value based on the country's economic fundamentals, even after recording a notable recovery following sweeping foreign exchange reforms introduced by the Federal Government.
External reserves rise above $50 trillion
Earlier, Legit.ng reported that the Central Bank of Nigeria has revealed that Nigeria's external reserves increased to $50.42 billion as of June 10, 2026.
The latest increase from $50.11 billion in reserves on June 5, 2026, built on an upward momentum that has seen reserves sustain above the $50 billion level in recent sessions.
Nigeria’s external reserves, standing at $50.42 billion, are now at a 17-year high.
Source: Legit.ng
