Naira flat against dollar, loses against pound and euro
By Aboki Forex —
The naira closed at N1,366.73/$1 on Wednesday, July 30, a marginal 3-kobo drop from the previous session. It followed three straight days of losses in the official Nigerian Foreign Exchange Market.
Official market activity
Interbank FX turnover fell by 4.2% to $58.42 million, down from $61.03 million in the prior session. Authorised market makers completed 71 deals at the NFEM window, compared with 86 deals previously.
Nigeria's external reserves dipped slightly to $51.922 billion, according to CBN data, down from $51.938 billion. Persistent FX demand pressures continue to weigh on the local currency.
Pound, euro, and parallel market
Against the British pound, the naira shed N18.47 to close at N1,834.29, down from N1,815.82. It lost N17.65 against the euro, ending at N1,572.97, down from N1,555.32.
In the parallel market, the naira held firm at N1,400 to the dollar on Thursday. GTBank's retail forex desk kept its rate unchanged at N1,370/$1.
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."
Latest exchange rates
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 N202.33, Danish Krona N210.40, South African Rand N82.90, Japanese Yen N8.52, CFA Franc N2.37.
Earlier, CBN Governor Olayemi Cardoso said the naira is not being artificially propped up, insisting the recent stability is market-driven following reforms and increased liquidity. He spoke in Abuja after the Monetary Policy Committee meeting.
For businesses and consumers, the steady official rate offers some predictability, but weak reserve growth and bank demand pressures mean the naira remains vulnerable.