Nigeria Naira Exchange Rate Holds at ₦1,380 as Reserves and Oil Output Climb

**LAGOS —** The Nigeria naira exchange rate held at **₦1,380.0050 per US dollar on 17 July 2026**, little changed from the prior session, as the external position strengthened on rising FX reserves, a six-year high in crude output and a record trade surplus. The readings, from official and intergovernmental statistics, signal a steadier footing than the 2024 currency crisis.

## Summary

As of mid-July 2026 Nigeria's external accounts are firmer on three fronts: the naira is stable near ₦1,380/$ (**[Verified — live rate]**, Trading Economics, updated 19 Jul 2026); FX reserves rose to **$51.29 billion in June 2026** (**[Verified]**, CBN via Trading Economics); and crude output reached **1.555m bpd in June 2026** (**[Verified]**, OPEC). The trade balance posted a **record surplus of ₦4.14 trillion in March 2026** (**[Verified]**, NBS). Confidence is high on all headline figures; the parallel-market premium is flagged **[Unverified]**.

## Findings

**1. Naira steady after the 2024 collapse.** USD/NGN was **₦1,380.0050 on 17 July 2026**, down 0.09% on the day (**[Verified — live]**, Trading Economics, updated 19 Jul 2026). It weakened 1.48% over the past month but is up 9.86% over 12 months (**[Verified]**). The rate remains well off the all-time weak point of **₦1,717.50/$ in November 2024** (**[Verified]**).

**2. Reserves rebuilt to a multi-month high.** Gross external reserves rose to **$51.29bn in June 2026**, up from **$49.58bn in May** (**[Verified]**, CBN via Trading Economics).

**3. Crude output at a six-year peak, above quota.** Nigeria produced **1.555 million bpd in June 2026**, strongest since April 2020 and up from 1.530 million bpd in May (**[Verified]**, OPEC Monthly Report). Output was **104% of OPEC quota**, up from 102% (**[Verified]**). Volumes feed reserves; price swings are in our [oil-price/FX impact](https://sourcereporters.com/world/usiran-conflict-pushes-oil-toward-100-weighs-on-africas-currencies) reporting.

**4. Trade surplus widened to a record.** The merchandise balance showed a surplus of **₦4,142,168.61 million (≈₦4.14 trillion) in March 2026**, a record and up from ₦1,431,197.47 million in February (**[Verified]**, NBS). The flows reconcile exactly: NBS exports of **₦8,879,063.63 million** minus imports of **₦4,736,895.02 million** equal the reported surplus to the decimal (**[Verified]**, NBS). Non-oil exports were **₦4.04 trillion**, up from ₦2.97 trillion (**[Verified]**, NBS).

**5. Current account surplus, but narrower.** The current account surplus was **5.10% of GDP in 2025**, down from **6.80% in 2024** (**[Verified]**, IMF via Trading Economics). Remittances rose to **$5,724.48 million in December 2025** from $5,451.89 million (**[Verified]**, Trading Economics).

**6. Policy stays tight.** Inflation was **15.91% in June 2026** (prior 15.93%) (**[Verified]**, Trading Economics); the Monetary Policy Rate was held at **26.50%** (**[Verified]**, CBN/Trading Economics). External debt was **$51,856.03 million at end-2025**, up from $48,462.93 million (**[Verified]**, Trading Economics).

**Estimated conversion:** applying the 17 Jul 2026 spot rate to the March surplus implies roughly **$3.0 billion per month** (**[Estimated]** — see Methodology).

## Methodology

All headline figures come from named, dated primary or intergovernmental datasets — CBN, OPEC, Nigeria's NBS and the IMF — accessed via Trading Economics on **19 July 2026**, with source names and months cited inline. The FX rate is a same-week live quote; no corporate-ownership or person claims are made. An internal-consistency pass confirmed NBS exports minus imports equal the published trade balance; the USD conversion uses only a verified spot rate and is labelled Estimated. A parallel-market naira premium was not obtained from a dated named source and is flagged, not asserted.

## Confidence

| Figure | Value | Source (dated) | Tag | |---|---|---|---| | USD/NGN spot | ₦1,380.0050 (17 Jul 2026) | Trading Economics, 19 Jul 2026 | **Verified (live)** | | FX reserves | $51.29bn (Jun 2026) | CBN via Trading Economics | **Verified** | | Crude output | 1.555m bpd (Jun 2026) | OPEC Monthly Report | **Verified** | | Trade surplus | ₦4.14tn (Mar 2026) | NBS via Trading Economics | **Verified** | | Current account/GDP | 5.10% (2025) | IMF via Trading Economics | **Verified** | | MPR / Inflation | 26.50% / 15.91% (Jun 2026) | CBN / Trading Economics | **Verified** | | Surplus in USD (converted) | ≈$3.0bn/month | Derived | **Estimated** | | Parallel-market premium | Not sourced | — | **Unverified** |

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