Naira slips to ₦1,360.07/$ at official market, ₦1,400/$ on parallel market
On Wednesday, June 17, 2026, the Naira weakened further at the official foreign exchange market, trading at ₦1,360.07 per dollar compared to ₦1,357.18 on Tuesday—a drop of ₦2.89. On the black market, the currency fell to ₦1,400 per dollar from ₦1,395, a decline of ₦5. The Naira had appreciated on Monday before slipping again, illustrating market volatility.
This depreciation raises import costs, fuels inflation, and erodes purchasing power for households and businesses. External reserves rose to $50.89 billion on Tuesday, indicating pressure stems from demand-supply dynamics or speculative activity rather than low reserves. Continued weakness could increase prices of goods, school fees, and travel expenses.
Individuals and firms should monitor exchange rates for budgeting, consider hedging if exposed to forex, and note that further depreciation may affect daily expenses. Analysts warn that without adequate liquidity, the parallel market may continue to widen the gap with the official rate. Will you adjust your spending, seek alternative income in dollars, or wait for possible policy intervention?