The naira depreciated to N1,373/$ at the official foreign exchange market on June 23, 2026, marking its weakest closing rate in four weeks amid renewed strength in the U.S. dollar across global markets.

This is according to the latest data on the Central Bank of Nigeria’s (CBN) website.

The Nigerian currency had traded at N1,369/$ on Monday. 

The latest close represents the naira’s weakest level since May 26, 2026, when it settled at N1,374/$.

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What the data is saying

Recent trading data shows that the naira has come under sustained pressure in the second half of June.

  • The naira weakened from N1,356/$ on June 15 to N1,373/$ on June 23, representing a depreciation of N17 or 1.25% within eight trading days.
  • The currency traded at N1,361.5/$ on June 17 before weakening further to N1,365.5/$ on June 18.
  • It closed at N1,371.5/$ on June 19 and N1,369/$ on June 22 before slipping to N1,373/$ on June 23.
  • The latest exchange rate is just N1 below the N1,374/$ recorded on May 26, which remains the weakest official-market close in recent weeks.

The movement reflects a gradual loss of momentum after the naira strengthened to N1,356/$ in mid-June.

More insights

The naira’s decline comes as the U.S. dollar strengthened globally following growing expectations that the Federal Reserve could maintain a hawkish monetary policy stance.

  • The U.S. Dollar Index rose 0.38% to 101.39 after touching its highest level since May 2025.
  • The euro weakened to around $1.138, its lowest level in over a year.
  • Chicago Federal Reserve President Austan Goolsbee said policymakers remain focused on inflation risks despite a stable labour market.
  • The Japanese yen traded near 161.55 per dollar, close to levels that have previously triggered intervention concerns in Japan.

The stronger dollar environment has increased pressure on emerging-market currencies, including the naira.

Financial economist at Kwik Securities Ltd Mallam Muftau Yusuf, noted that a stronger dollar environment often creates challenges for emerging and frontier market currencies.

  • “When global investors move toward dollar-denominated assets because of higher U.S. yields, emerging market currencies tend to face pressure. Nigeria is not insulated from these global developments,” Yusuf stated.

What you should know

The recent depreciation comes despite a significant improvement in Nigeria’s external reserve position.

The CBN had projected a stronger reserve position for 2026, supported by improvements in the country’s external sector.

In its economic projections, the apex bank forecast that Nigeria’s external reserves would rise to about $51.04 billion during 2026.

The projection was anchored on stronger oil earnings, foreign exchange market reforms and improved external capital inflows.