Dollar Falls Below N1,450 Exchange Rate in Official Market
- The value of the naira has appreciated against the US dollar at the official foreign exchange market
- The naira also strengthened against the British pound and euro as the local currency recorded gains across major currencies
- Foreign exchange turnover rose significantly, while the CBN injected $252.1 million to boost liquidity in the official FX market
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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 Nigerian currency, the naira, has appreciated against the United States dollar and other major foreign currencies in the official foreign exchange market.
The naira strengthened by N8.07, or 0.59%, against the dollar in the Nigerian Foreign Exchange Market (NFEM) on Monday, August 17, 2026, to close at N1,349.54/$1.
Source: Getty Images
This represents an improvement from the N1,357.61/$1 recorded in the previous trading session.
Naira gains against pound and euro
The Nigerian currency also appreciated against the British pound, gaining N9.99 to close at N1,830.11/£1, compared with the previous rate of N1,840.10/£1.
Similarly, the naira strengthened against the euro by N6.91 to settle at N1,564.79/€1, compared with N1,571.70/€1 recorded in the previous session.
However, the naira remained unchanged against the US dollar at N1,395/$1 in the parallel market.
The exchange rate at the GTBank forex counter also remained unchanged at N1,364/$1.
FX turnover rises significantly
Interbank FX turnover, according to data from the Central Bank of Nigeria (CBN), rose by 265% to $437.529 million from $119.594 million recorded in the previous trading session.
The number of deals also increased to 178 from 137.
Total FX inflows into the NAFEM window rose significantly to $1.77 billion from $0.83 billion in the previous week, according to data from the research subsidiary of Coronation Group.
Domestic sources accounted for 63.44% of total inflows, with exporters contributing 31.2% and non-bank corporates accounting for 17.7%.
The figures highlight the growing contribution of autonomous market participants to foreign exchange supply.
BusinessDay reports that the CBN injected $252.1 million, representing 14.3% of total inflows, to improve liquidity in the official FX market.
Foreign portfolio investors remained the largest single external source of foreign exchange, contributing 33.71% of aggregate inflows.
Source: Getty Images
Here are other currencies' exchange rates
The CBN also provided the updated selling rates for other major currencies on Monday, August 17, 2026:
- CFA: N2.39
- Yuan/Renminbi: N200.19
- Danish Krone: N209.27
- Euro: N1,564.79
- Yen: N8.47
- Riyal: N359.44
- South African Rand: N83.31
- SDR: N1,846.98
- Swiss Franc: N1,667.74
- Pound Sterling: N1,830.11
- US Dollar: N1,349.54
- WAUA: N1,855.18
- UAE Dirham: N367.42
CBN relaxes PTA, BTA rules
Earlier, Legit.ng reported that the CBN had eased its rules on Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).
Under the revised FX rules effective June 1, 2026, travellers can receive 25% of their allowances in cash dollars, while 75% is processed electronically.
The policy gives Nigerians travelling abroad more flexibility in accessing foreign exchange for personal and business trips.
Source: Legit.ng
