June 25 (THEWILL) — The naira recorded its sharpest single-day decline since April after closing at N1,389 per dollar at the official foreign exchange market on June 24, 2026, amid renewed strength in the U.S. dollar across global markets.
Data from the Central Bank of Nigeria (CBN) showed the local currency weakened by N16 from N1,373/$ recorded on June 23, representing a depreciation of about 1.2 percent in one trading session.
The naira traded within a range of N1,368/$ to N1,392/$ during the day before settling at N1,389/$, its weakest closing level since April 7, when it closed at the same rate.
Analysts attribute the pressure on the naira partly to the strengthening of the U.S. dollar, which has gained ground against several major and emerging-market currencies in recent weeks.
According to market analysts, periods of rising U.S. yields and stronger demand for dollar-denominated assets typically increase pressure on emerging and frontier market currencies, including the naira.
The latest decline follows a relatively stable run for the local currency through most of June.
The naira had strengthened to N1,356/$ on June 15 before gradually losing ground in subsequent trading sessions.
It closed at N1,369/$ on June 22, weakened further to N1,373/$ on June 23, and eventually fell to N1,389/$ on June 24.
Globally, the dollar continued its rally, with the U.S. Dollar Index rising to 101.8, a 13-month high.
The greenback also strengthened against major currencies, including the euro and Japanese yen, as investors adjusted expectations for future U.S. interest rate cuts.
The depreciation comes despite a significant improvement in Nigeria’s external reserves position.
The country’s foreign reserves recently surpassed $51 billion, their highest level since 2009, after gaining more than $1 billion during the first half of June.
The CBN has maintained that ongoing foreign exchange reforms and improved market liquidity will continue to support exchange rate stability over the medium term.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
