Naira Ends 3-Day Losing Streak, Closes at N1,366 Against the Dollar, New Rates for Pound, Euro
- The naira closed at N1,366.73/$1 on Wednesday, July 30, recording only a marginal 3-kobo drop from the previous session
- Interbank FX turnover fell by 4.2% to $58.42 million as banks struggled to fully clear their foreign currency bids
- Nigeria's external reserves dipped slightly to $51.922 billion, CBN data showed, amid persistent FX demand pressures
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The Nigerian naira held mostly steady against the US dollar in the official market on Wednesday, July 30, even as foreign currency demand from banks kept pressure on the local currency.
Figures from the Nigerian Foreign Exchange Market (NFEM) placed the naira's closing rate at N1,366.73 to the dollar, a drop of just 3 kobo from N1,366.71 recorded in the session before.
The slight movement came after three straight days of losses.
Source: Getty Images
Naira Weakens Against Pound and Euro
The naira's performance against other major currencies told a different story. It shed N18.47 against the British pound, closing at N1,834.29 per pound compared with N1,815.82 the previous day.
Against the euro, the naira lost N17.65, ending the session at N1,572.97, down from N1,555.32.
Trading activity slowed during the session, with interbank foreign exchange turnover falling to $58.42 million, a 4.2% decline from $61.03 million in the prior session.
The number of deals completed by authorised market makers at the NFEM window also dropped to 71 transactions, down from 86.
Naira at Parallel Market and CBN Reserve Update
In the parallel market, the naira held firm at N1,400 to the dollar on Thursday, while GTBank's retail forex desk also kept its rate unchanged at N1,370/$1.
A Bureau de Change trader, Abdullahi, confirmed the relative calm in the black market.
He told Legit.ng:
"The US dollar traded at N1,400, the British pound exchanged at N1,901.89, the euro sold for N1,611.60, while the Canadian dollar traded at N1,030,"
Data from the Central Bank of Nigeria (CBN) showed the country's external reserves edged down slightly to $51.922 billion from $51.938 billion in the previous update.
Source: Getty Images
Latest exchange rates on Thursday, July 30, 2026
- US Dollar: N1,366.73
- Pounds Sterling: N1,834.29
- Euro: N1,572.97
- SDR: N1,859.77
- WAUA: N1,852.30
- Swiss Franc: N1,691.29
- UAE Dirham: N372.13
- Saudi Riyal: N363.97
- Chinese Yuan (Renminbi): N202.33
- Danish Krona: N210.40
- South African Rand: N82.90
- Japanese Yen: N8.52
- CFA Franc: N2.37
CBN explains naira exchange rate against US dollar
Earlier, Legit.ng reported that the CBN says the naira is not being artificially propped up, stressing that the stability witnessed recently is market-driven following reforms and increased liquidity.
This was revealed on Wednesday by Governor Olayemi Cardoso while briefing journalists in Abuja after the Monetary Policy Committee (MPC) meeting.
He pointed out that after the past two years' reforms of the foreign exchange market, the market had become much more transparent and market-driven.
Source: Legit.ng
