Di naira don rebound for official foreign exchange market dis week, as e recover from last week losses. Nigeria external reserves dey grow steady, wey dey boost investor confidence and improve liquidity conditions.
For parallel market, wey dem dey call black market, di naira close for N1,400 per dollar on Friday. Dat one na N3 weaker from di opening rate of N1,397 on June 30, 2026, according to CBN website.
Although NFEM data for Friday turnover and transactions no dey available, market activity remain strong during di first four trading days of di week.
For im personal statement at di last Monetary Policy Committee meeting, Muhammad Sani Abdullahi talk say exchange rate pressures don remain contained. Dis one dey reflect improved market liquidity, reduced speculative activities, and adequate external buffers.
“Exchange rate pressures have remained contained, with relative stability in the foreign exchange market indicative of improved market liquidity, reduced speculative positioning and the presence of adequate external buffers. Sustaining sufficient foreign exchange market depth and liquidity will be critical to enhancing the market’s resilience and capacity to absorb potential external and domestic shocks,” e yarn.
Murtala Sabo Sagagi, another MPC member, say Nigeria external sector don remain resilient, supported by stronger reserve accumulation. “This strong reserve buffer continues to reinforce investor confidence and support exchange rate stability,” Sagagi tok.
Mustapha Akinkunmi, wey be MPC member, attribute di improved stability for foreign exchange market to Nigeria transparent and market-oriented exchange rate framework. E note say di naira exchange rate for official market appreciate by 0.6 percent to N1,498.66 per dollar as at June 27, 2026, compared to N1,508.11 per dollar wey e record for May 29, 2026. Dis one represent a cumulative appreciation of N15 compared with di average exchange rate recorded for January 2026.
“This development reflects improved market confidence and the effectiveness of ongoing policy measures aimed at strengthening macroeconomic stability,” e yarn.
