Naira Strengthens Against US Dollar As CBN Releases Latest Exchange Rates
- The naira closed at N1,381.53 per dollar in the official market on Thursday, July 16, gaining 65 kobo from the previous session
- CBN data showed interbank FX turnover surged 69% to $205.37 million, while Nigeria's gross external reserves rose to $51.893 billion
- The naira held steady at N1,405 per dollar in the parallel market, while weakening slightly against the pound and euro
Nigeria's naira recorded a marginal gain against the United States dollar in the official foreign exchange market on Thursday, July 16, 2026, according to fresh data from the Central Bank of Nigeria (CBN).
Figures from the Nigerian Foreign Exchange Market (NFEM) showed the naira closed at N1,381.53 to the dollar, compared with Wednesday's closing rate of N1,382.18.
Source: Getty Images
The improvement, amounting to 65 kobo or 0.04%, was supported by better liquidity conditions that helped the market absorb elevated dollar demand during the session.
Naira Weakens Against Pound and Euro
The naira's gains were confined to its performance against the dollar. Against the British pound, the local currency shed N9.48, closing at N1,866.17 per pound compared with N1,856.69 the day before.
It also lost ground against the euro, settling at N1,582.68 per single European currency unit, a depreciation of N2.99 from Wednesday's N1,579.69.
In the parallel market, dollar demand remained subdued, with currency traders telling Legit.ng that the greenback exchanged hands at N1,405, the same rate recorded in the previous session.
The exchange rate at GTBank's FX desk also held firm at N1,389 per dollar.
Beyond the exchange rate movement, the CBN reported a sharp jump in market activity. Interbank FX turnover at the NFEM climbed 69% to $205.37 million, up from $121.73 million recorded a day earlier, signalling stronger participation from market players.
Nigeria's gross external reserves also rose slightly, to $51.893 billion from $51.867 billion the previous day, buoyed by oil export earnings, diaspora remittances, and inflows from foreign portfolio investors.
Source: Getty Images
The CBN also announced the launch of the FX BDC Purchase Tracker (FXBT), a new digital tool designed to provide real-time oversight of Bureau De Change transactions, tracking each deal from the point of purchase request through to final sale.
Naira Rates Across Major Currencies
Based on the latest exchange rates published by the CBN, below is the naira's performance against major foreign currencies:
- US Dollar: N1,381.03
- British Pound Sterling: N1,865.50
- Euro: N1,582.11
- Swiss Franc: N1,709.41
- SDR (Special Drawing Rights): N1,879.60
- WAUA: N1,875.92
- UAE Dirham: N376.02
- Saudi Riyal: N367.74
- Chinese Yuan (Renminbi): N203.98
- Danish Krona: N211.62
- South African Rand: N84.05
- Japanese Yen: N8.51
- CFA: N2.39
CBN issues fresh warning to Nigerians on hoarding, abuse of naira
Earlier, Legit.ng reported that with the holiday season closing in and demand for cash set to rise, the CBN has appealed to Nigerians not to abuse the naira.
The call was made during the official launch of a nationwide campaign on proper handling of banknotes.
The CBN said the initiative aims to reduce abuse of the naira and discourage hoarding, which undermines smooth monetary operations.
Source: Legit.ng
