SAT JULY 04 2026-theGBJournal| The Nigerian naira strengthened against the U.S. dollar over the past week, supported by increased offshore foreign exchange inflows and a $170 million liquidity injection by the Central Bank of Nigeria (CBN), while the country’s gross external reserves extended their upward trajectory for an eighth consecutive week.
The currency also posted broad gains across the shorter end of the forward market, reflecting improved near-term sentiment.
The naira appreciated 0.8% week-on-week to close at N1,373.00 per U.S. dollar, buoyed by stronger offshore dollar supply and the CBN’s intervention sale of $170 million, which helped improve foreign exchange liquidity in the market.
In the forwards market, the domestic currency recorded gains across the short- and medium-term contracts. The one-month forward rate appreciated 0.5% to N1,393.36/$, while the three-month contract strengthened 0.4% to N1,432.16/$. The six-month forward contract also advanced 0.2% to N1,488.67/$.
However, the longer-dated one-year forward contract weakened slightly, with the naira depreciating 0.2% to ₦1,601.20 per dollar, suggesting relatively softer expectations for the currency over the longer horizon.
Meanwhile, Nigeria’s gross external reserves increased by $170 million to $51.46 billion as of June 30, 2026, marking the eighth consecutive week of growth, reflecting continued improvement in the country’s external buffer.
X-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com|govandbusinessj@gmail.com
