Naira gains N6 against dollar, trades at N1,383/$ after Wednesday slide

The naira strengthened against the U.S. dollar on Thursday, appreciating by N6 to trade at N1,383 per dollar at the official foreign exchange market, reversing Wednesday's sharp drop to N1,389. The currency traded between N1,376 and N1,390.50, with interbank turnover rising to $195.37 million from $125.59 million the previous day and the weighted average rate steady at N1,380.11. The gain came despite a firm dollar globally, as U.S. inflation data met expectations and traders scaled back expectations of further Federal Reserve rate hikes, keeping the dollar index on track for a second straight weekly gain. Nigeria's foreign reserves recently rose above $51 billion, their highest since 2009, gaining more than $1 billion in the first half of June 2026. S&P Global revised its outlook, raising Nigeria's 2026 inflation forecast to 16.9% from 15.0% and trimming 2026 GDP growth to 3.7% (down 30 basis points) and 2027 growth to 3.5%. The stronger naira may ease import costs, but analysts warn inflation could stay high due to pass-through from oil prices. Exporters may see lower naira proceeds per dollar, while local manufacturers that rely on imported inputs could benefit from cheaper inputs. Policymakers will watch whether the gain holds as external reserves continue to build. With the naira stronger, will importers cut prices or keep margins, and should consumers expect lower costs for imported goods?

SOURCE: https://nairametrics.com/2026/06/26/naira-appreciates-to-n1383-as-yen-hovers-near-40-year-low/