Despite $50bn Reserves, Why Is the Naira Still Trading Around ₦1,360?

We’ve seen the naira on a wild ride over the past few years, but by June 2026 it’s hovering around ₦1,360 to the dollar—even with external reserves topping $50 billion. The Central Bank unified exchange windows and built a $50.45 billion buffer. Official rates in early June averaged between ₦1,358 and ₦1,366. Yet market prices for rice, transportation, and energy remain high. Inflation is stubborn, and rising global oil costs push up landing fees for refined fuel. Economic forecasts say the naira could end 2026 at around ₦1,480. Can the CBN sustain this momentum and keep the dollar under ₦1,400? How has the current rate affected your business or household expenses? Share your data-backed views.

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