The Nigerian naira ended the week on a weaker note after recording its sharpest decline of the week at the official foreign exchange market, raising fresh concerns over the currency’s stability despite ongoing reforms aimed at improving liquidity.
Data released by the Central Bank of Nigeria (CBN) showed that the naira depreciated to ₦1,370.46 against the United States dollar on Friday, June 19, 2026, compared to ₦1,363.30 exchanged on Thursday.
The latest movement represents a daily loss of ₦7.16, making Friday’s depreciation the steepest single-day decline recorded during the trading week.
With the latest fall, the naira has now lost a cumulative ₦14.19 against the dollar at the official foreign exchange market within five trading sessions.
The local currency had started the week on a positive note, posting gains on Monday. However, that appreciation proved short-lived as the market returned to a bearish trend from Tuesday through Friday, with the naira closing weaker in four consecutive trading sessions.
At the parallel market, commonly referred to as the black market, the exchange rate remained unchanged at ₦1,395 per dollar, maintaining the same level recorded a day earlier.
The difference between the official and parallel market rates stood at approximately ₦24.54 per dollar on Friday, reflecting a relatively narrower spread compared with previous periods when the gap exceeded ₦100.
Analysts say persistent demand for foreign exchange from manufacturers, importers, students paying tuition abroad and travelers continues to exert pressure on the local currency.
Market observers also point to fluctuations in foreign exchange inflows, including oil receipts, diaspora remittances and portfolio investments, as factors influencing the naira’s performance.
The CBN has maintained several policy measures in recent months to improve transparency in the foreign exchange market, attract more dollar inflows and support price discovery.
Despite these efforts, traders believe sustained stability in the exchange rate will depend on stronger foreign exchange earnings, improved crude oil production levels and increased investor confidence in Nigeria’s economy.
For businesses that rely heavily on imported raw materials, continued depreciation of the naira could translate into higher operating costs, which may eventually be passed on to consumers through increased prices of goods and services.
Consumers and investors are expected to monitor developments in the foreign exchange market closely in the coming weeks, particularly any interventions by the Central Bank and changes in Nigeria’s external reserves position.
Dollar to Naira Exchange Rate Summary for June 19, 2026
• Official market rate: ₦1,370.46/$
• Previous official rate: ₦1,363.30/$
• Daily depreciation: ₦7.16
• Weekly loss: ₦14.19
• Parallel market rate: ₦1,395/$
The latest figures underscore the challenges facing the naira as policymakers seek to balance exchange-rate stability with broader economic reforms aimed at attracting investment and strengthening Nigeria’s foreign exchange market.
Read more news: https://www.theprojectherald.com/cbn-moves-to-restore-confidence-in-nigerias-fx-market/