Naira Drops Against Dollar, Pound at Official Market
- The naira lost 49 kobo against the US dollar at the official NAFEM market on Monday, August 25
- The currency also weakened against the pound sterling but gained ground against the euro in official trading
- Parallel market rates held flat at N1,390/$1 while interbank FX turnover fell by 4.4 per cent
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The naira edged lower against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Monday, August 25, closing at N1,346.98 per dollar, a drop of 49 kobo or 0.04 per cent from the previous session's N1,346.49 per dollar.
The Nigerian currency also lost ground against the British pound, settling at N1,837.54 per pound compared with N1,836.75 per pound recorded on Friday, a decline of 79 kobo.
Source: Getty Images
. Against the euro, however, the naira posted a modest recovery, gaining N1.59 to trade at N1,571.54 per euro, up from N1,573.11 in the preceding session.
Parallel Market and Interbank Activity
At the parallel market, the naira held steady against the dollar at N1,390 per dollar, unchanged from Friday's rate. The exchange rate at the GTBank foreign exchange desk also remained flat at N1,355 per dollar.
Traders confirmed the dollar's position relative to the naira at the parallel market.
One trader said:
"We sold the dollar at N1,390/$1 on Monday, compared with N1,390/$1 on Friday."
Central Bank of Nigeria (CBN) data showed that interbank foreign exchange turnover fell by 4.4% to $152.592 million, down from $159.732 million in the previous session.
The number of FX transactions also dropped sharply, declining to 144 deals from 294 recorded the session before.
Analysts See Stability Ahead
Market analysts said they expect the naira to hold within a relatively stable range in the near term. Investment firm AIICO Capital said in a note:
"We expect that the current stability experienced at the FX market will remain in the interim as the Central Bank of Nigeria (CBN) further refines existing policies in line with fiscal steps taken by the FGN to ensure liquidity within the space."
Source: Getty Images
CBN Official Rates Snapshot
CBN data showed the following exchange rates against the naira as of Monday:
- CFA: N2.40
- Yuan/Renminbi: N200.37
- Danish krone: N210.16
- Euro: N1,571.52
- Yen: N8.46
- Riyal: N358.73
- South African rand: N84.11
- SDR: N1,848.46
- Swiss franc: N1,678.89
- Pound sterling: N1,837.54
- US dollar: N1,346.98
- WAUA: N1,849.43
- UAE dirham: N366.71
Nigeria reserves hit 17-year high
Earlier, Legit.ng reported that the naira's recent performance is the continuing rise in Nigeria's external reserves, which reached $52.19 billion as of August 12, 2026.
That figure marks a 17-year high and represents a 28.39% increase from the $40.65 billion recorded during the same period in 2025.
The CBN said it had removed restrictions that previously barred banks participating in the NFEM and primary auctions of government securities from accessing its Standing Lending Facility, also known as the Discount Window.
Source: Legit.ng
