Naira Falls Against Dollar, Pound and Euro in Official Market
- The naira weakened against the US dollar, British pound sterling, and euro in the official foreign exchange market on Tuesday, July 28
- Interbank FX turnover surged by 160% to over $102 million, with the number of deals rising sharply from 55 to 121
- Nigeria's external reserves came under pressure following CBN interventions in the currency market the previous week
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The naira fell against the United States dollar and other major currencies in the official foreign exchange market on Tuesday, July 28, 2026, according to data from the Nigerian Foreign Exchange Market (NFEM).
The local currency closed at N1,365.53 to the dollar, a drop of N3.32 from the N1,362.21 recorded in the previous trading session.
Source: Getty Images
Against the British pound sterling, the naira lost N2.38, settling at N1,816.43 per pound compared with N1,814.05 the day before.
It also weakened against the euro, shedding N2.69 to close at N1,552.88 per euro, up from N1,550.19.
GTBank Desk and Parallel Market
Not all segments of the market moved in the same direction.
At the GTBank FX desk, the naira actually gained ground, strengthening by N2 to trade at N1,370 per dollar from N1,372 recorded a day earlier.
In the parallel market, the rate held steady at N1,400 per dollar, unchanged from the previous session.
Abudullahi a Bureau de Change (BDC) operator told Legit.ng:
"The foreign exchange market remained relatively stable today, with the US dollar trading at N1,417 for buying and N1,427 for selling. The British pound is being bought at N1,875 and sold at N1,895, while the euro is trading at N1,577 on the buying side and N1,597 on the selling side."
Trading activity in the official market picked up sharply. Interbank FX turnover climbed to $102.954 million on Tuesday, a 160% jump from the $39.587 million recorded on Monday.
The number of individual FX deals also rose to 121, up from 55 in the prior session.
Source: Getty Images
External Reserves Under Pressure
Nigeria's external reserves declined over the period following foreign exchange injections by the Central Bank of Nigeria into the currency market the previous week.
The CBN continued to monitor liquidity conditions in the official FX market.
The apex bank also published the following exchange rates for other major currencies:
- CFA: N2.36
- Yuan/Renminbi: N201.66
- Danish Krona: N207.71
- Euro: N1,552.88
- Japanese Yen: N8.33
- Saudi Riyal: N363.74
- South African Rand: N81.54
- Swiss Franc: N1,667.11
- British Pound Sterling: N1,816.43
- US Dollar: N1,365.53
- WAUA: N1,847.10
- UAE Dirham: N371.72
Reuters survey of currency traders
Earlier, Legit.ng reported that the Nigerian naira faces renewed depreciation pressure as fuel importers step up dollar purchases to finance petroleum imports, even as domestic refining output grows.
A Reuters survey of currency traders forecast that the naira would weaken against the US dollar over the next week, alongside the currencies of Ghana and Uganda.
Traders cited rising demand for foreign exchange from petroleum importers who are building fuel inventories following the issuance of import licences.
Source: Legit.ng
