Naira Depreciates Against Dollar in Official, Parallel Markets, New Exchange Rates Emerge
- The naira closed at N1,379.07 per dollar in the official market on Wednesday, July 8, slipping by N3.32 from Tuesday's rate
- In the parallel market, the dollar exchanged at N1,400, a N5 decline for the naira compared with the previous day
- FX analysts remain optimistic about naira stability in H2 2026, pointing to market reforms and stronger external reserves
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira fell against the United States dollar in both the official and black market segments of Nigeria's foreign exchange market on Wednesday, July 8, 2026, even as trading volumes in the interbank window surged sharply.
The Central Bank of Nigeria (CBN) data showed the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,379.07 per dollar, down from N1,375.75 per dollar on Tuesday.
Source: Getty Images
That move represents a N3.32 depreciation, equivalent to a 0.24% loss against the greenback in a single session.
Despite the softer dollar performance, the naira gained ground against the British pound and the euro. It appreciated by 93 kobo against sterling, closing at N1,840.64 per pound compared with N1,841.57 the previous day, and gained N1.31 against the euro to close at N1,561.38, up from N1,562.69 on Tuesday.
Naira weakens against dollar at black market
The parallel market told a similar story. The dollar changed hands at N1,400 on Wednesday, N5 higher than the N1,395 recorded on Tuesday.
At the GTBank forex counter, the rate held steady at N1,381 per dollar, unchanged from the prior session.
Market participants traced the naira's dollar weakness to sustained demand for foreign currency to settle international obligations, even as overall market liquidity remained sufficient.
Interbank foreign exchange turnover jumped roughly 399% to $208.09 million from just $41.74 million on Tuesday, while the number of completed deals rose to 150 from 47 in the previous session.
Below is a snapshot of the naira's performance against other major currencies in the official NFEM window, based on the latest CBN data:
- CFA: N2.38
- Yuan/Renminbi: N202.76
- Danish Krona: N210.26
- Euro: N1,572.00
- Japanese Yen: N8.48
- Saudi Riyal: N367.24
- South African Rand: N84.08
- SDR: N1,873.52
- Swiss Franc: N1,704.45
- Pounds Sterling: N1,840.64
- US Dollar: N1,379.07
- WAUA: N1,859.53
- UAE Dirham: N375.45
Source: Getty Images
External reserves rise above CBN's 2026 target
Earlier, Legit.ng reported that Nigeria's external reserves have increased to $51.06 billion, exceeding the Central Bank of Nigeria's (CBN) year-end target of $51.04 billion.
It has gained 32.62% compared to $38.50 billion in the same period in 2025. The current reserve level provides the CBN with the buffer to support the naira and settle international obligations.
Market activity in the interbank FX market on Monday also improved, with a 59.32% increase in deals executed to 94, compared to 59 recorded on Friday.
Source: Legit.ng
