Nigeria's naira firms to ₦1,360 as reserves climb past $50 billion

Nigeria’s naira has strengthened to about ₦1,359.75 per dollar as of mid-June, recovering from ₦1,660 in late 2024, while external reserves expanded to roughly $50.43 billion, according to Central Bank data cited by analysts. Officials attribute the shift to FX-window unification, fuel-subsidy removal and tighter monetary policy, though inflation remains elevated near 15 percent and debt-servicing still consumes a large share of revenue. For the diaspora, steadier exchange-rate conditions and the new tax framework reshape both remittance value and investment calculations.

Source: Nairametrics; Nigeria corporate-policy reporting; Central Bank of Nigeria data (2026).