Naira Loses N5.08 Week‑on‑week As Liquidity Falls

The naira recorded losses across foreign exchange (FX) market segments during the week as dollar liquidity weakened despite a continued rise in Nigeria’s external reserves.

Data published by the Central Bank of Nigeria (CBN) showed that the naira depreciated by N5.08 week-on-week at the Nigerian Foreign Exchange Market (NFEM), closing at N1,363.83 per dollar on Thursday, the last trading day before the June 12 public holiday. This represented a 0.4 per cent decline from N1,358.75 quoted on Thursday of the previous week.

On a day-on-day basis, the local currency weakened by N1.78 from N1,362.05 recorded on Wednesday. Over the four trading days of the week, the naira lost 99 kobo from N1,362.84 quoted on Monday.

Trading activity at the interbank FX market also slowed. The number of deals declined by 30.58 per cent week-on-week to 84 on Thursday, from 121 the week before. Compared with Wednesday’s 109 deals, activity fell by 22.94 per cent.

Turnover at the interbank segment dropped sharply to $70.42 million on Thursday from $128.17 million on the corresponding day of the previous week, representing a 45.06 per cent decline.

At the NFEM window, transaction volumes remained relatively stable. The number of deals stood at 332 on Wednesday, compared with 314 deals recorded during the corresponding period of the previous week. However, activity eased slightly on a day-on-day basis from 336 deals recorded on Tuesday.

Total turnover at the NFEM window settled at $607.89 million on June 10, 2026, representing a 29.12 per cent decline from $857.67 million recorded on June 9. Nevertheless, turnover remained 18 per cent higher than the $514.98 million recorded on June 3, indicating sustained market participation despite the recent slowdown.

In the parallel market, the naira also weakened, depreciating by N9 to close at N1,409 per dollar on Thursday from N1,400 previously. The spread between the official and parallel market rates widened to N46 per dollar from N38 on Wednesday.