Naira Weakens to N1,370/$1 at Official Forex Window
- Nigeria's currency lost some value against the dollar at the official market, while black market operators adjusted new dollar exchange rates
- The currency also traded in mixed fortunes against other major global currencies amid increased activity at the official foreign exchange window
- The CBN has been keen on foreign exchange liquidity, while forex reserves are on the rise to maintain currency stability
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria's currency, the Naira, declined against the Dollar at the Nigerian Foreign Exchange Market (NAFEM) on Tuesday, June 23, 2026.
Data from the Central Bank of Nigeria revealed that the official foreign exchange window shows that the currency dropped by N1.53 or 0.11% from N1,369.11/USD in the previous session to N1,370.64/$.
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However, at the black market (BDC), the Dollar was exchanged at N1,395.00/$. At the GTBank forex desk, the Dollar remained at N1,380.00/$.
Abdullahi, one of the BDC traders, told Legit.ng:
"The dollar buying rate is N1,385, while the selling rate is N1,395. The pound sterling is bought at N1,840 and sold at N1,860.
The euro buying rate is N1,572, while the selling rate stands at N1,592."
Naira up against the British pound and euro
The naira gained against the Sterling and the euro at the official market during the trading. The naira closed higher at N1,810.75/£1 from the N1,815.44/£1 recorded previously, with a loss of N4.69 on sterling.
On the EU currency, the Naira appreciated by N5.37 from N1,566.39/€1 previously recorded to N1,561.02/€1 on Tuesday.
The latest data on foreign exchange trading at the CBN, on Tuesday, revealed improved trading activities in the market despite sustained strong outflows of Dollars.
Interbank foreign exchange turnover between banks and the market makers increased by 92% to $125.314 million in 106 transactions, compared to $65.206 million from the previous session.
The CBN reports that Nigeria's external reserve increased from $51.060 billion to $51.142 billion.
Source: Getty Images
Other major currency exchange rates
- CFA N2.39
- Yuan N201.94
- Danish Krona N208.80
- Euro N1,561.02
- Yen N8.48
- Rial N365.08
- Rand N82.99
- Swiss Franc N1,693.40
- Pounds Sterling N1,810.75
- US Dollars N1,370.64
Tanzania bans use of dollar
Earlier, Legit.ng reported that the Bank of Tanzania had introduced a directive restricting the use of foreign currencies, including the US dollar, for local transactions.
The new regulation requires businesses and individuals in Tanzania to price and settle payments for goods and services using the Tanzanian shilling.
However, the directive, signed by Bank of Tanzania Governor Emmanuel M. Tutuba, stated that some specific transactions involving foreign currencies would continue to be permitted under the revised guidelines.
It said they must exchange their foreign currency at commercial banks or licensed Bureau de Change outlets in Tanzania.
Source: Legit.ng
