Access, UBA, Other Banks Release New Selling, Buying Rate for US Dollar, Pound, Euro

• The naira has appreciated against the US dollar in the official and unofficial foreign exchange markets
• Nigerian banks such as Access Bank have released the latest exchange rates in euro, pound and dollar
• The latest exchange rates showed that in one week, the naira closed stronger despite the pressures

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 Nigerian naira has closed the week(Friday, August 8) against the US dollar in the official foreign exchange market at N1,534.

Friday's rate is a slight appreciation when compared to the N1,535 the Central Bank of Nigeria quoted on Thursday in the Nigerian Foreign Exchange Market (NFEM).

How naira performed on Friday

According to CBN data, participants bid for the dollar at rates as high as N1,536, while the lowest rate recorded during trading was N1,532.5.

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New exchange rate for Naira against US dollar, pound, euro, other currencies in all FX markets

For Nigerians looking to buy dollars from the bank for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees, or medical expenses, transactions are processed at the NAFEM rate.

On Friday, the buying rate was N1,500 while the International Money Transfer Operators. (IMTOs) pegged the dollar exchange rate at N1,528.

Naira against pound, euro

However, it was a different outcome against the British pound sterling and the euro.

CBN data showed that the naira depreciated against the pound sterling in the official market during the session by N1.31 to settle at N2,060.34/£1 compared with the preceding session’s N2,059.03/£1.

The naira also lost 96 Kobo against the euro to quote at N1,786.60/€1 versus Thursday’s closing price of N1,787.56/€1.

Here is the naira value against other currencies

• Swiss Franc: N1,836.82
• Japanese Yen: N9.92
• Canadian Dollar: N1,081.00
• Australian Dollar: N961.13
• South African Rand: N82.25
• UAE Dirham: N402.34
• Singapore Dollar: N1,156.70
• Chinese Yuan (Renminbi): N200.91

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Naira to the dollar at the black market

The naira improved against the dollar in the black foreign exchange market, also known as the parallel market.

Abudullahi, a forex trader, told Legit.ng that the dollar appreciated slightly against the dollar.

He gave the following rate:

"The naira traded against the US dollar at N1,554 to N1,563. It also traded against the euro at N1,775 to N1,790, and against the pound sterling at N2,075 to N2,085."

FG's new law bans unregistered online forex platforms

Earlier, Legit.ng reported that the federal government has taken a decisive step to strengthen forex market oversight as digital trading and crypto finance continue to grow in Nigeria.

The newly assented Investments and Securities Act, 2025 (ISA 2025) has introduced major reforms to Nigeria's investment landscape.

One of the key changes is that it has made it illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the Securities and Exchange Commission (SEC).

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Naira appreciates against US dollar at official market, CBN releases latest exchange rates

Source: Legit.ng