Naira falls at official market to N1,368/$1 as FX demand persists

The naira weakened against the dollar at both official and parallel markets on Friday, July 31 2026, as demand for foreign exchange remained strong. The local currency also lost ground against the pound and euro.

Official market loss

Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closed at N1,368.22/$1, down N1.49 or 0.11% from N1,366.73/$1 in the previous trading session. This extended the naira's losing streak at the official market despite continued interventions aimed at improving liquidity.

Against the British pound, the naira depreciated by N3.50 to close at N1,837.79/£, compared with N1,834.29/£ on Thursday. It also slipped against the euro, losing 90 kobo to settle at N1,573.87/€, from N1,572.97/€.

Parallel market and retail rates

In the parallel market, the naira fell by N5 to exchange at N1,405/$1, from N1,400/$1 a day earlier. GTBank's retail foreign exchange desk adjusted its quoted rate upward to N1,374/$1, a N4 increase from N1,370/$1.

These movements indicate that demand for foreign exchange remained elevated across both official and unofficial markets.

FX turnover and reserves

Trading activity in the official market improved slightly. CBN figures showed interbank foreign exchange turnover increased by 0.97% to $58.99 million, up from $58.42 million in the previous session. However, the number of deals completed by authorised participants declined to 69, from 71 on Thursday.

Nigeria's external reserves stayed under slight pressure, easing to $51.922 billion from $51.938 billion, according to CBN data.

CBN quoted rates

As of the close of trading on Friday, July 31 2026, the CBN quoted the following exchange rates:

US Dollar: N1,368.22
Pounds Sterling: N1,837.79
Euro: N1,573.87
SDR: N1,860.45
WAUA: N1,852.30
Swiss Franc: N1,692.18
UAE Dirham: N372.27
Saudi Riyal: N364.37
Chinese Yuan (Renminbi): N202.56
Danish Krona: N210.52
South African Rand: N83.14
Japanese Yen: N8.53
CFA Franc: N2.37

What it means

The continued slide shows that FX demand is still putting pressure on the naira. CBN Governor Olayemi Cardoso has said the naira is not being artificially supported, stressing that recent stability is market-driven following reforms and improved liquidity. He spoke to journalists in Abuja after the Monetary Policy Committee meeting.