Nigeria’s foreign reserves have reached a 17-year high of $51.03 billion despite the naira depreciating significantly against the United States dollar.
The Central Bank of Nigeria’s data showed that the Nigerian naira significantly depreciated to N1,370.46 on Friday against the United States dollar.
Friday’s depreciation at the official foreign exchange market is the highest in the week under review.
Further analysis of the apex bank’s foreign exchange data indicated that the local currency weakened by N14.19 between Monday, 15th, and 19th June, 2026.
In the period under review, the Naira exchange was bearish at the official foreign exchange market throughout the week except Monday despite the country’s foreign reserves hitting a high of $51.03 billion since 2009 as of Thursday, June 18th, 2026.
For the black market, the Naira remained slightly flat between N1,395 and N1,400 per dollar in the week under review.