Naira Loses Ground As Dollar Exchange Rate Rises in FX Markets
- The naira slipped against the US dollar at the official market, closing at N1,364.88 per dollar
- FX turnover at NAFEM jumped by more than 31 per cent to $98.804 million, with the number of deals rising from 82 to 106
- The naira weakened against the pound sterling but gained slightly against the euro during the same trading session
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira closed weaker against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, August 6, 2026, losing N2.33 or 0.17 per cent to trade at N1,364.88 per dollar, compared with N1,362.55 recorded at Wednesday's close.
The depreciation came despite a notable rise in trading activity within the official market.
Source: Getty Images
Against the pound sterling, the local currency also shed 71 kobo, settling at N1,838.09 to the pound from N1,837.38 the previous day. The naira found some relief against the euro, however, gaining 45 kobo to close at N1,574.80 per euro from N1,575.25 on Wednesday.
At the GTBank foreign exchange desk, the naira recovered N4 against the dollar to trade at N1,369, compared with N1,373 recorded at midweek. In the parallel market, the currency held steady at N1,400 per dollar.
FX Turnover Rises Sharply
NAFEM interbank foreign exchange turnover climbed to $98.804 million on Thursday, a rise of more than 31 per cent from the $75.357 million posted on Wednesday.
The number of deals completed during the session also grew, moving from 82 to 106, pointing to stronger dollar flows and broader participation in the official market.
Market participants expect the naira to hold relatively steady in the near term, with increased dollar liquidity seen as a buffer against demand pressure.
Traders also noted that continued dollar sales by the Central Bank of Nigeria (CBN) could offer further support and help contain sharp exchange-rate swings.
Latest Official Exchange Rates
The CBN's latest official rates as of Thursday include:
- CFA: N2.40
- Yuan/Renminbi: N202.39
- Danish Krona: N211.25
- Euro: N1,575.73
- Yen: N8.66
- Riyal: N363.71
- South African Rand: N84.49
- SDR: N1,864.95
- Swiss Franc: N1,690.62
- Pounds Sterling: N1,839.17
- US Dollar: N1,365.69
- WAUA: N1,864.43
- UAE Dirham: N371.77
Source: Getty Images
The official dollar rate of N1,365.69 in the CBN's published list is slightly above the N1,364.88 per dollar recorded at NAFEM during Thursday's trading session.
CBN reviews 34 banks, detects forex violations
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has uncovered foreign exchange infractions among authorised dealers following a review of 34 financial institutions, even as it found that banks were broadly following existing FX rules.
The foreign exchange examination assessed compliance across the period from April 1, 2024, to March 31, 2025.
Examiners looked at how banks adhered to FX regulations, whether foreign exchange was used for eligible transactions, and how funds moved through major sources.
Source: Legit.ng
