Naira rebounds to N1,369/$ as official FX turnover tops $1.06 billion

The naira appreciated to N1,369/$ at the official foreign exchange market on July 1, 2026, reversing part of the losses recorded at the end of June as the local currency strengthened by N7 against the U.S. dollar.

Data from the Central Bank of Nigeria (CBN) showed the local currency strengthened from N1,376/$ recorded on June 30, while official market turnover in the preceding trading session exceeded $1.06 billion.

The recovery comes after the naira weakened to N1,389/$ on June 24 before regaining momentum in the final trading sessions of the month amid sustained liquidity in the official market.

What the data is saying

The latest NFEM data showed the naira recorded a stronger close despite mixed trading activity in the official market.

• The currency traded between N1,368/$ and N1,378.50/$, while the weighted average exchange rate settled at N1,372.41/$.
• Interbank turnover stood at $90.30 million, while no NFEM turnover was recorded for the trading session as of the time of filing this report.

The previous trading day had witnessed significantly stronger market activity, with total NFEM turnover reaching $1.067 billion, alongside $269.90 million in interbank transactions.

More insights

The rebound followed a volatile end to June, during which the naira fluctuated across several trading sessions despite healthy foreign exchange liquidity.

• On June 30, the naira closed at N1,376/$, with total NFEM turnover of $1.067 billion.
• It had closed at N1,385/$ on June 29, N1,384/$ on June 26, and N1,383/$ on June 25.
• Earlier in the week, the local currency weakened to N1,389/$ on June 24 before recovering to N1,373/$ on June 23 and N1,369/$ on June 22.

The strong turnover recorded over the past week indicates continued liquidity in the official foreign exchange market despite fluctuations in the exchange rate.

The broader global currency market remained focused on U.S. economic data and monetary policy expectations.

The U.S. dollar traded broadly steady ahead of the release of key U.S. non-farm payrolls data, with investors assessing the outlook for interest rates.

The Dollar Index, which tracks the greenback against a basket of major currencies, eased marginally to 101.38.

Market sentiment was also influenced by comments from Federal Reserve officials indicating that inflation risks had moderated, while employment data continued to point to a resilient U.S. labour market.

Meanwhile, the Japanese yen remained under pressure, trading near a 40-year low against the dollar, raising expectations of possible intervention by Japanese authorities.

Global monetary policy expectations and international dollar liquidity continue to influence capital flows into emerging markets, including Nigeria, making external developments an important factor in the naira’s performance.

What you should know

Nairametrics recently reported that Nigeria’s foreign reserves rose above $51 billion, reaching their highest level since 2009.

External reserves gained more than $1 billion in the first half of June 2026, supported by stronger foreign exchange inflows.

The naira ended June 2026 at N1,376 per United States dollar in the official foreign exchange market.