Naira Extends Gain to N1,381.53 per Dollar as Foreign Reserves Hit $51.89 Billion

The Nigerian naira appreciated against the US dollar for the second consecutive day on Thursday, strengthening to N1,381.53 per dollar in the official foreign exchange market. Data from the Central Bank of Nigeria showed the currency gained N0.65 from the N1,382.18 rate recorded on Wednesday.

Official Market Performance

According to the apex bank’s figures, the naira closed at N1,381.53 per dollar on Thursday, up from the previous day’s rate. This marks back to back gains for the local currency in the official window. The appreciation comes as market participants continue to digest the impact of recent economic data and policy signals.

Black Market Steady at N1,430

At the parallel market, the naira remained flat on Thursday, trading at N1,430 per dollar, unchanged from the rate exchanged on Wednesday. The stability in the unofficial market suggests that demand and supply pressures have temporarily balanced out, even as the official market sees slight gains.

Foreign Reserves Rise to $51.89 Billion

The strengthening of the naira coincides with a further increase in Nigeria’s foreign reserves. Central bank data as of July 15th, 2026 put the reserves at $51.89 billion. Higher reserves typically provide the central bank with more firepower to defend the currency and meet foreign exchange demand.

Inflation Decline Supports Naira

Recall that the naira had also appreciated against the dollar on Wednesday, following news that Nigeria’s inflation rate slightly eased to 15.91 percent in June. A lower inflation rate can reduce pressure on the currency by boosting investor confidence and moderating demand for dollars as a hedge against price rises.

What This Means for the Naira and Consumers

The continued appreciation of the naira, even if marginal, is a positive signal for the currency’s stability in the short term. For Nigerian businesses and consumers, a stronger naira could help lower the cost of imported goods and raw materials over time, potentially easing some price pressures. However, the gap between the official and black market rates remains wide at over N48, indicating that demand for dollars is still strong outside the formal channels. Sustained gains will depend on continued improvement in foreign reserves and further moderation in inflation.