Naira gains N4.80 at official market as CBN releases new exchange rates

The naira recorded gains against the US dollar in Nigeria's official foreign exchange market on Tuesday, July 21, 2026, according to data released by the Central Bank of Nigeria (CBN). Figures from the Nigerian Autonomous Foreign Exchange Market (NAFEX) put the closing rate at N1,375.31 per dollar, a N4.80 improvement from Monday's close of N1,380.11, which translates to a 0.35% appreciation.

Naira gains against pound and euro

The local currency also gained ground against the British pound, settling at N1,841.13 per pound compared with N1,857.35 the previous day, a N16.22 improvement. Against the euro, the naira rose by N8.17, closing at N1,567.78 per euro, up from N1,575.95 in the prior session. At the GTBank FX counter, the naira gained N1 against the dollar, closing at N1,388 compared with N1,389 on Monday.

Interbank turnover jumps 21% as activity picks up

Beyond the exchange rate movement, the CBN reported that interbank foreign exchange turnover climbed by more than 21%, reaching $322.64 million on Tuesday from $266.23 million the previous day. The number of interbank deals also jumped to 110 transactions, up from 66, suggesting stronger activity from banks handling international payments for corporate clients. Nigeria's gross external reserves edged higher to $52.024 billion from $51.942 billion, supported by continued foreign exchange inflows including proceeds from crude oil sales. The CBN kept its benchmark Monetary Policy Rate (MPR) unchanged at 26.5%, as it looks to consolidate recent declines in inflation while guarding against global economic pressures.

Parallel market tells a different story

The picture was different in the parallel market. Bureau de Change operators who spoke to Legit.ng confirmed the naira lost ground against the dollar, pound, and euro. One trader said: 'We bought the dollar at N1,417/$1 and sold it at N1,427/$1. The British pound traded at N1,875/£1 for buying and N1,895/£1 for selling, while the euro was bought at N1,577/€1 and sold at N1,597/€1.'

Official rates for other currencies

Based on CBN-published exchange rates, here is the naira's performance against major foreign currencies in the official market: CFA Franc: N2.4019, Chinese Yuan (Renminbi): N203.2525, Danish Krone: N209.9483, Euro: N1,569.7769, Japanese Yen: N8.4478, Saudi Riyal: N366.3581, South African Rand: N83.4952, SDR: N1,868.5764, Swiss Franc: N1,694.9819, Pound Sterling: N1,841.1252, US Dollar: N1,375.3083, WAUA: N1,874.3206, UAE Dirham: N374.4679.

Earlier, Legit.ng reported that Central Bank of Nigeria (CBN) Governor Yemi Cardoso has projected that diaspora remittances will reach $1 billion every month before the end of 2026. The apex bank pursues reforms aimed at deepening foreign exchange inflows and reducing the economy's dependence on oil revenue. Monthly inflows from Nigerians living abroad currently surpass $600 million, according to Cardoso.

For Nigerian businesses and consumers, the widening gap between the official and parallel market rates signals continued pressure on the naira. While official market gains offer some relief for importers accessing FX through banks, the parallel market weakness suggests demand for dollars remains high among small businesses and individuals who rely on BDC channels.