Naira strengthens to N1,370.15 against dollar as external reserves hit $51.46bn
The Naira appreciated further against the dollar at the official forex market on Thursday, July 2, 2026, closing at N1,370.15 per dollar—up from N1,372.41 on Wednesday. This represents a N2.26 daily gain, continuing the currency's upward trend after Monday's dip.
Meanwhile, the black market remained unchanged at N1,395 per dollar for the second consecutive day. The official market strengthening coincides with Nigeria's external reserves reaching $51.46 billion as of June 30, 2026—a significant rise that signals improved foreign exchange liquidity.
This affects you directly: importers may see reduced costs, international school fees and medical expenses abroad could become slightly cheaper, while remittance receivers from abroad get better value when converting foreign currency. Businesses importing raw materials might benefit from lower input costs.
However, the parallel market rate staying flat suggests some caution among market participants. The N2.26 appreciation equals roughly 1.65%—meaning your $1,000 remittance gains about ₦2,260 in local value compared to Wednesday.
Does this trend affect your spending priorities—will you accelerate planned USD purchases or wait to see if the appreciation continues?