Naira slips to N1,363.83/$ as reserves rise to $50.43bn before Democracy Day
Naira weakened to N1,363.83 per dollar at the official market on Thursday, June 11, 2026, from N1,362.05 the previous day, a daily loss of N1.79. The black market rate held steady at N1,395 per dollar, unchanged from earlier in the week. Meanwhile, Nigeria’s foreign reserves rose to $50.43 billion as of June 10, up from $50.35 billion on June 9, according to the Central Bank. The depreciation comes ahead of Democracy Day, with the government declaring Friday a public holiday, officially ending local currency trading for the week.
The ongoing naira slide raises costs for importers and can fuel inflation, squeezing household budgets and business margins. While rising reserves suggest the central bank has more buffer to intervene, the persistent pressure points to underlying demand for dollars outstripping supply. For consumers and businesses, the exchange rate directly affects the price of imported goods, fuel, school fees abroad, and overseas travel.
Given the current trend, will you lock in rates for upcoming foreign expenses, adjust your spending on imports, or explore ways to hedge against further naira weakness?