Naira closes weaker at NAFEM as dollar turnover jumps 31%

The naira depreciated against the US dollar at the official Nigerian Foreign Exchange Market (NFEM) on Thursday, August 6, 2026, closing at N1,364.88 per dollar. That represents a loss of N2.33 or 0.17 per cent from Wednesday's close of N1,362.55.

The decline came despite a sharp rise in trading activity, with FX turnover surging more than 31 per cent to $98.804 million from $75.357 million a day earlier. The number of completed deals also increased from 82 to 106, signalling stronger dollar flows and wider participation in the official market.

Pound and euro moves

Against the pound sterling, the naira shed 71 kobo to close at N1,838.09, down from N1,837.38. The local currency gained some ground against the euro, however, appreciating by 45 kobo to close at N1,574.80 from N1,575.25.

At the GTBank foreign exchange desk, the naira recovered N4 against the dollar to trade at N1,369, compared with N1,373 recorded at midweek. In the parallel market, the currency held steady at N1,400 per dollar.

CBN official rates and market outlook

The Central Bank of Nigeria's published official rates as of Thursday include: CFA N2.40, Yuan/Renminbi N202.39, Danish Krona N211.25, Euro N1,575.73, Yen N8.66, Riyal N363.71, South African Rand N84.49, SDR N1,864.95, Swiss Franc N1,690.62, Pounds Sterling N1,839.17, US Dollar N1,365.69, WAUA N1,864.43, and UAE Dirham N371.77.

The CBN's official dollar rate of N1,365.69 is slightly above the N1,364.88 recorded at NAFEM during Thursday's trading session.

Market participants expect the naira to hold relatively steady in the near term, with increased dollar liquidity seen as a buffer against demand pressure. Traders also noted that continued dollar sales by the Central Bank of Nigeria could offer further support and help contain sharp exchange-rate swings.

Earlier, the CBN uncovered foreign exchange infractions among authorised dealers following a review of 34 financial institutions, even as it found that banks were broadly following existing FX rules. The foreign exchange examination assessed compliance across the period from April 1, 2024, to March 31, 2025, looking at how banks adhered to FX regulations, whether foreign exchange was used for eligible transactions, and how funds moved through major sources.

For Nigerian businesses and importers, the mix of stronger official turnover and steady parallel market rates suggests the naira may stay range-bound for now. But the gap between the CBN's published rate and the NAFEM closing rate, though small, remains a reminder that pricing can still differ depending on the window.