The naira traded within a tight band in the official market last week, closing at ₦1,363.82/$ on June 11, a marginal weakening of ₦1.61 from ₦1,362.21/$ two weeks ago. In the parallel market, the naira weakened slightly to ₦1,400/$ from ₦1,398/$ last week, a depreciation of ₦2.
The parallel market premium widened marginally to ₦36.18 (2.65%), up from ₦35.79 (2.63%) last week but still within a stable range.
External reserves climbed to $50.427 billion as of June 10, a 17-year high up from $50.037 billion last week, supported by sustained oil revenues, diaspora remittances, and foreign portfolio inflows.
At this level, the CBN has greater capacity to defend the naira, absorb external shocks, and signal to foreign investors that Nigeria can meet its dollar obligations. The CBN also released the fourth edition of its foreign exchange manual this week, aimed at improving transparency among authorised dealers.