The Nigerian naira recorded its first depreciation against the United States dollar this week at the official foreign exchange market, ending a brief period of appreciation recorded in previous trading sessions.
Data released by the Central Bank of Nigeria (CBN) showed that the local currency exchanged at N1,362.05 per dollar on Wednesday, June 10, 2026. This represents a slight decline from the N1,360.55 per dollar recorded on Tuesday.
The latest figure indicates that the naira lost N1.50 against the dollar on a day-to-day basis, highlighting renewed pressure on the foreign exchange market after two consecutive days of gains.
Despite the marginal depreciation, Nigeria’s external reserves continued to grow, providing a positive signal for the country’s foreign exchange position. According to data from the apex bank, the nation’s foreign reserves increased to $50.35 billion as of June 9, 2026, reflecting continued inflows and improved liquidity levels.
Analysts say the growth in
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