- The naira weakened against the dollar at both the official and parallel markets on Friday, July 31, 2026
- Nigeria’s external reserves dipped slightly while FX turnover edged higher during the session
- CBN’s latest official exchange rates showed the naira losing ground against the pound and euro as well
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian naira weakened against the United States dollar across the official and parallel foreign exchange markets on Friday as renewed demand for foreign currency continued to weigh on the local currency.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closed at N1,368.22/$1, representing a N1.49 or 0.11% depreciation from N1,366.73/$1 recorded in the previous trading session.
Photo: Bloomberg
Source: Getty Images
The latest decline extended the naira’s losing streak at the official market despite continued interventions aimed at improving liquidity.
Naira loses ground against pound and euro
The local currency also weakened against other major international currencies.
Against the British pound, the naira depreciated by N3.50 to close at N1,837.79/£, compared with N1,834.29/£ on Thursday.
Similarly, it slipped against the euro, losing 90 kobo to settle at N1,573.87/€, from N1,572.97/€ recorded in the previous session.
Parallel market rate rises to N1,405/$1
In the parallel market, the naira also came under pressure, falling by N5 to exchange at N1,405/$1, compared with N1,400/$1 a day earlier.
GTBank’s retail foreign exchange desk likewise adjusted its quoted rate upward to N1,374/$1, representing a N4 increase from N1,370/$1 in the previous session.
The latest movements suggest that demand for foreign exchange remained elevated across both the official and unofficial markets.
FX turnover improves slightly as reserves remain under pressure
Trading activity in the official market showed a modest improvement during the session.
Figures released by the Central Bank of Nigeria (CBN) indicated that interbank foreign exchange turnover increased by 0.97% to $58.99 million, up from $58.42 million recorded in the previous session.
However, the number of deals completed by authorised market participants declined to 69 transactions, down from 71 deals on Thursday.
Meanwhile, Nigeria’s external reserves remained under slight pressure, easing to $51.922 billion from $51.938 billion, according to the latest data published by the CBN.
Photo: Bloomberg
Source: Getty Images
Latest official exchange rates
As of the close of trading on Friday, July 31, 2026, the Central Bank of Nigeria 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
CBN explains naira exchange rate against US dollar
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) said the naira is not being artificially supported, stressing that the recent stability is market-driven, following reforms and improved liquidity.
The disclosure was made by CBN Governor Olayemi Cardoso while briefing journalists in Abuja after the Monetary Policy Committee (MPC) meeting.
Cardoso explained that the foreign exchange market has become more transparent and market-driven following the reforms implemented over the past two years.
Source: Legit.ng