Naira Rebounds as Forex Reserves Near $52 Billion

The naira has shown signs of recovery as Nigeria's foreign exchange reserves neared a record $52 billion, according to data from the Central Bank of Nigeria (CBN). The local currency has been trading above N1380 per dollar, with the spot rate closing at N1380.1093 per US dollar, a slight increase from N1380.1847 at the session's start.

Over the past week, forex rates fluctuated between N1378.5000 and N1382.9900, with interbank FX turnover reported at $266.227 million, down 8% from the previous close of $287.832 million. The naira experienced a marginal depreciation of 0.04% week-on-week, closing at N1,380.18/$ compared to N1,379.62/$ the previous week.

However, it appreciated by 0.35% in the parallel market, closing at N1,415.00/$ from N1,420/$. As of July 16, 2026, Nigeria's gross foreign exchange reserves stood at $51.92 billion, with analysts predicting further increases above $52 billion this week, the highest level since 2009.