Naira

Nigeria’s naira weakened to 1,407 per US dollar on the parallel (black) market, down from 1,400 per dollar the previous Friday. The parallel market is where many Nigerians buy dollars outside official channels.

Nigeria renewed a CNY 15 billion (US$2 billion) bilateral swap line with China to settle trade in naira and yuan. Nigeria also joined BRICS as a partner country, gaining access to the New Development Bank.

Polytope Labs launches HyperFX, an onchain foreign exchange engine that enables instant currency swaps using stablecoins, starting with the naira via cNGN. The platform offers verifiable transactions directly on the blockchain.

Nigeria's naira has steadied near 1,400 to the dollar in 2026 as economic growth and reserves increase, indicating the country's reforms are beginning to show positive results.

Oil price volatility affects Nigeria’s economy primarily through the exchange rate. Higher oil revenues boost foreign currency inflows, supporting the naira and enhancing foreign exchange market liquidity.

Nigeria's external reserves reached a 17-year high of $51.04 billion in June 2026, despite the naira's decline against the dollar. The data was reported by The Rio Times.

The article critiques the obsession with determining the 'true value of the Naira,' highlighting how TV personalities present their opinions as absolute truths without factual basis. Author Tope Fasua argues against the uncritical acceptance of such views.

The IMF has warned that increasing use of stablecoins in Nigeria could reduce demand for the Naira. Nigeria remains one of the world's largest cryptocurrency markets.

Nigeria's dollar reserves are declining, prompting the Central Bank of Nigeria to defend the naira's value. The article highlights currency market dynamics in Abuja, where electronic payment terminals are used alongside physical naira notes.