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Nigeria’s currency marginally weakened despite rising foreign reserves, closing at ₦1,358.75 per dollarNigeria’s external reserves approach $50 billion, bolstered by increased crude oil earningsGlobal oil prices declined amid easing tensions in the Middle East, impacting Nigeria’s economy
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s currency weakened slightly against the United States dollar on Thursday, June 5, 2026, despite the country’s foreign reserves climbing close to their highest level in nearly two decades, highlighting continued pressure in the foreign exchange market.
Fresh data released by the Central Bank of Nigeria showed the naira depreciated by 0.11 per cent at the Nigeria Foreign Exchange Market (NFEM), closing at ₦1,358.75 per dollar compared to ₦1,357.27 recorded a day earlier.
The naira performs mixed in all FX markets amid a rise in reserves. Credit: NurPhoto/ContributorSource: Getty Images
The latest movement reflects ongoing demand pressure for foreign
