Naira Dips in Official Window, Foreign Reserves Hit $50.4 Billion

The Naira weakened against the US Dollar in the official market on Wednesday, June 10. It fell by N1.50 or 0.11 per cent to close at N1,362.05/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX). That compares with the N1,360.55/$1 it traded on Tuesday.

The local currency also lost ground against the Pound Sterling. It dropped by N4.33 to trade at N1,827.33/£1, down from the previous day's N1,823.00/£1. Against the Euro, the Naira depreciated by N1.74 to quote at N1,575.35/€1, versus N1,573.61/€1 in the prior session.

But at the GTBank forex desk, the Naira gained N3 against the US Dollar to sell at N1,370/$1, compared with N1,373/$1. In the parallel market, the rate remained unchanged at N1,380/$1.

Foreign Reserves Surge to $50.4 Billion

Updated data from the Central Bank of Nigeria (CBN) showed a sharp increase in foreign reserves. Nigeria's gross external reserves rose to $50.439 billion, its highest level since March 2026. The rise reflects sustained inflows from oil revenue and other foreign exchange sources.

IMF Sees Growing Confidence in Naira

The International Monetary Fund (IMF) said increased confidence in the Naira would encourage households, businesses and investors to hold more local currency assets. The IMF noted that lower and more stable inflation would help reduce reliance on foreign currencies. In a recent assessment, the global lender stressed the need to strengthen the CBN's operational framework and align liquidity management with monetary policy goals.

Crypto Market Rebounds on US Inflation Data

In the cryptocurrency market, prices recovered from recent losses. US headline inflation rose 0.5 per cent in May, as expected. But the core rate, which excludes food and energy, rose only 0.2 per cent against forecasts of 0.3 per cent. That pleased markets and reinforced the view that the US Federal Reserve will keep interest rates at 350-375 basis points at its June 17 meeting. However, a 25 basis point rate hike is still expected by year-end.

Cardano (ADA) went up by 2.4 per cent to $0.1647. Bitcoin (BTC) rose by 2.3 per cent to $62,794.09. Binance Coin (BNB) jumped 1.8 per cent to $596.23. Ethereum (ETH) grew by 1.7 per cent to $1,658.12. Solana (SOL) soared by 1.7 per cent to $65.23. Dogecoin (DOGE) appreciated by 1.5 per cent to $0.0849. Ripple (XRP) expanded by 0.4 per cent to $1.11. TRON (TRX) increased by 0.05 per cent to $0.3218. The US Dollar Tether (USDT) lost 0.10 per cent to close at $0.9989. The US Dollar Coin (USDC) declined by 0.01 per cent to $0.9997.