Naira Exchange Rates Drop Against US Dollar, Pound, Euro
- CBN data showed the naira closed at N1,379.62 per dollar in the official market, marking a 0.09% decline
- The naira also weakened against the British pound but gained 43 kobo against the euro in the official forex market
- A parallel market trader told Legit.ng the dollar sold at N1,427 while interbank forex turnover dropped 10% to $71.044 million
The naira lost ground against the United States dollar in the official foreign exchange market on Friday, July 10, according to fresh data published by the Central Bank of Nigeria (CBN).
Figures from the Nigerian Foreign Exchange Market (NFEM) showed the naira settled at N1,379.62 to the dollar by the close of Friday's trading session.
That represented a decline of N1.19, or 0.09%, from the N1,378.43 rate recorded on Thursday.
Source: Getty Images
The local currency also shed value against the British pound, closing at N1,850.62 per pound a N3.80 decline from the N1,846.82 recorded the previous day.
Against the euro, however, the naira posted a modest recovery, appreciating by 43 kobo to close at N1,575.66 per euro, compared with N1,576.09 on Thursday.
Parallel market and bank rates
In the parallel market, trading remained relatively calm. Currency trader Abdullahi told Legit.ng that activity was steady, with the dollar bought at N1,417 and sold at N1,427.
He said:
"We bought the dollar at N1,417/$1 and sold it at N1,427/$1. The British pound traded at N1,875 (buying) and N1,895 (selling), while the euro exchanged at N1,577 (buying) and N1,597 (selling)."
At the GTBank foreign exchange desk, the dollar was quoted at N1,386, a N1 uptick from the previous session.
Forex Turnover and Inflows
Interbank foreign exchange turnover fell by roughly 10% on Friday, dropping to $71.044 million from $78.708 million recorded a day earlier. The number of deals completed in the official market also declined, falling to 87 transactions from 106 on Thursday.
Research from Coronation Merchant Bank's subsidiary indicated that total foreign exchange inflows into Nigeria reached $990 million last week. Foreign Portfolio Investors led all categories, contributing 35.81% of the total, equivalent to $350 million.
Exporters accounted for 28.72%, or $280 million, while the CBN provided 11.15%, or $110 million. Non-bank corporations made up a further 10.92% of inflows, reflecting continued participation from the private sector.
Source: Getty Images
CBN official selling rates
The CBN quoted the following official selling rates for major foreign currencies:
- CFA – N2.40
- Chinese Yuan (Renminbi) – N203.56
- Danish Krone – N210.77
- Euro – N1,575.66
- Japanese Yen – N8.52
- Saudi Riyal – N367.44
- South African Rand – N84.53
- SDR – N1,875.58
- Swiss Franc – N1,707.45
- British Pound Sterling – N1,850.62
- US Dollar – N1,379.62
- WAUA – N1,871.05
- UAE Dirham – N375.63
IMF releases Nigeria’s economic growth forecast for 2026, 2027
Earlier, Legit.ng reported that the International Monetary Fund (IMF) has retained Nigeria's economic growth forecast steady at 4.1% for 2026 and 4.3% for 2027, signalling continued confidence in the country's reform trajectory even as global risks intensify.
The figures appear in the IMF's July 2026 World Economic Outlook Update, titled "Global Economy in Crosscurrents of War and Technology," and are unchanged from the projections the fund published in April 2026.
The report attributes Nigeria's resilient outlook to stronger macroeconomic stability and the trade advantages that come with being an oil-exporting nation.
Source: Legit.ng
