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Naira Depreciates by N7.09 Against Dollar at Official Market

Posted by Trendnewsmedia team August 20, 2026


  • The naira closed at N1,350.41 per dollar in the official market on Wednesday, marking a N7.09 drop
  • The naira also lost ground against the pound sterling and the euro in the official market on the same trading day
  • Meanwhile, the naira held steady at N1,390 per dollar in the parallel market, even as FX turnover rose to $370.98 million

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian naira fell against the US dollar in the official market on Wednesday, August 19, 2026, closing at N1,350.41 per dollar compared with N1,343.32 the previous day, a decline of N7.09 or 0.53%.

Data published by the Central Bank of Nigeria (CBN) showed the exchange rate movement in the Nigerian Foreign Exchange Market (NFEM), where the naira also weakened against other major currencies.

Read also

Naira hits five-month high at N1,349 as CBN cash rule boosts FX liquidity, dollar slides

Naira weakens by N7.09 against the dollar
Naira depreciation continues as the local currency loses N7.09 against the dollar
Photo: Bloomberg
Source: Getty Images

Naira Sheds Ground Against Pound and Euro

Against the pound sterling, the naira lost N19.87 to close at N1,839.13 per pound, down from N1,819.26 recorded on Tuesday.

The euro also gained on the naira, which fell by N18.07 to close at N1,574.31 per euro, compared with N1,556.24 in the previous session.

In the parallel market, however, the naira held firm at N1,390 per dollar. The rate at the GTBank forex desk was similarly stable, with the dollar quoted at N1,357.

FX Turnover Rises Despite Fewer Deals

Interbank foreign exchange turnover climbed by 1.72% to $370.98 million on Wednesday, up from $364.71 million in the prior trading session. Despite the higher volume, the number of interbank deals fell to 100 from 108, pointing to a moderate slowdown in transaction activity.

Separately, CBN data covering April 2026 showed that end-user demand for foreign exchange in Nigeria dropped by 35.23% to $3.42 billion during the month.

Read also

Dollar falls below N1,450 exchange rate in official market

The decline reflected reduced FX usage across several sectors, including oil, food, and manufacturing.

As a result, the monthly average exchange rate improved by 1.38% to N1,361.22 per dollar in April, from N1,379.98 per dollar in March.

At the close of April, the naira was trading at N1,374.94 per dollar in NAFEM, improving from N1,386.72 at the end of March.

Fresh CBN data shows the naira weakened against the dollar
Naira records another decline at NAFEM as the official dollar exchange rate
Photo: Bloomberg
Source: Getty Images

Snapshot of naira rates in official market

Based on CBN-published rates, the naira traded at the following rates against major foreign currencies:

  • CFA: N2.37
  • Yuan/Renminbi: N200.61
  • Danish Krone: N210.56
  • Euro: N1,574.31
  • Yen: N8.52
  • Riyal: N359.65
  • South African Rand: N83.71
  • SDR: N1,849.12
  • Swiss Franc: N1,681.92
  • Pound Sterling: N1,839.13
  • US Dollar: N1,350.41
  • WAUA: N1,836.21
  • UAE Dirham: N367.65

Foreign reserves drop

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has revealed that external reserves have dropped to $49.57 billion from a recent peak of $50.02 billion.

In the last seven consecutive sessions, data from the CBN shows that reserves have dropped.

Provisional balance of payments data published by the CBN showed the surplus fell to $14.04 billion in 2025 from $19.03 billion in 2024.

Source: Legit.ng





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