Naira strengthens to N1,356/$ amid rising reserves — strongest level since April 2026

The Nigerian naira recorded a fresh gain on Monday, strengthening to N1,356 per US dollar at the official foreign exchange market, its best performance since April 23, 2026. The appreciation reflects continued momentum in the currency’s recovery amid improving market conditions.

Data from the Central Bank of Nigeria (CBN) showed that the naira rose from N1,365.4/$ on Friday to N1,356/$ on Monday, marking a N9.4 gain against the US dollar in a single trading session. The intraday exchange rate also fluctuated between N1,354.5/$ and N1,360/$, with an average rate of N1,356.53/$.

The rally comes as Nigeria’s external reserves strengthened to $50.51 billion as of June 11, 2026, providing additional support for the foreign exchange market. Analysts attribute the improvement to stronger FX inflows and ongoing monetary reforms by the CBN aimed at boosting liquidity, transparency, and investor confidence.

Global market conditions also played a role in the naira’s performance, as the US dollar weakened internationally following reports of easing geopolitical tensions in the Middle East. The US Dollar Index hovered around 99.66, while major currencies like the euro and British pound gained slightly, improving appetite for emerging market assets.

Market analysts say the combination of stronger reserves, policy reforms, and improved global risk sentiment has helped stabilize the naira in recent weeks. With the CBN projecting reserves could rise further to $51.04 billion in 2026, expectations remain cautiously optimistic for continued exchange rate stability, despite earlier fluctuations recorded in the year.

source: nairametrics