The Nigerian naira weakened against the US dollar at the official foreign exchange market on Wednesday, June 17, 2026, trading at N1,360.07/$1, representing a 0.21% depreciation from the previous day's rate of N1,357.18/$1.
Naira Falls Against Major Currencies
The local currency also lost value against the British pound and the euro. It dropped by N4.42 against the pound sterling to close at N1,824.81/£1, and lost N4.19 against the euro to settle at N1,577.96/€1. However, at the GTBank segment of the market, the naira appreciated by N1 to trade at N1,372/$1. At the parallel market, the naira remained unchanged at N1,385/$1.
The depreciation occurred amid limited foreign exchange inflows from exporters, non-bank corporates, and foreign investors. Nigeria's gross external reserves stood at $50.505 billion, showing slow growth despite crude oil sales due to declining international oil prices.
Central Bank Releases Updated Exchange Rates
The Central Bank of Nigeria (CBN) provided the following exchange rates for other currencies: CFA at N2.40, Chinese Yuan/Renminbi at N201.22, Danish Krona at N211.08, Euro at N1,577.96, Japanese Yen at N8.49, Saudi Riyal at N362.39, South African Rand at N84.04, SDR at N1,867.92, Swiss Franc at N1,715.75, Pounds Sterling at N1,824.81, US Dollar at N1,360.07, WAUA at N1,855.08, and UAE Dirham at N370.33.
IMF Assesses Naira's Fair Value
The International Monetary Fund (IMF) has revealed its assessment of the naira's fair value, stating that the currency remains significantly undervalued despite recent gains. According to the Washington-based lender, the naira is trading about 25.6% below its value based on Nigeria's economic fundamentals, even after notable recovery following foreign exchange reforms introduced by the Federal Government.
External Reserves Hit 17-Year High
Earlier reports indicated that Nigeria's external reserves rose to $50.42 billion as of June 10, 2026, up from $50.11 billion on June 5, 2026. This marks a 17-year high, sustaining above the $50 billion level in recent sessions. The reserves growth comes despite challenges in the global oil market and limited forex inflows.
