Naira Slips Against Dollar, Pound, Euro in Official FX Market

The naira weakened against the US dollar, British pound sterling, and euro 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, down N3.32 from N1,362.21 in the previous session.

Naira Drops Across Major Currencies

Against the British pound sterling, the naira lost N2.38 to settle 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 from N1,550.19.

However, not all segments moved in the same direction. At the GTBank FX desk, the naira gained ground, strengthening by N2 to trade at N1,370 per dollar from N1,372. 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.”

Interbank Turnover Surges 160%

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.

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 exchange rates for other major currencies: CFA at N2.36, Yuan/Renminbi at N201.66, Danish Krona at N207.71, Euro at N1,552.88, Japanese Yen at N8.33, Saudi Riyal at N363.74, South African Rand at N81.54, Swiss Franc at N1,667.11, British Pound Sterling at N1,816.43, US Dollar at N1,365.53, WAUA at N1,847.10, and UAE Dirham at N371.72.

What This Means for the Naira and Nigerian Businesses

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. For Nigerian consumers and businesses, a weaker naira means higher costs for imported goods and services, further squeezing household budgets and raising input costs for local manufacturers.”