The naira closed July with a modest gain in the official foreign exchange (FX) market, supported by sustained dollar liquidity and stronger external reserves.
Data published by the Central Bank of Nigeria (CBN) showed that the naira appreciated by N4.19, with the dollar closing at N1,368.22 on Friday, the last trading day of July 2026, representing a 0.3 per cent gain from N1,372.41 recorded at the beginning of the month on the Nigerian Foreign Exchange Market (NFEM).
Every week, however, the local currency weakened by N6.13, or 0.5 percent, compared with N1,362.09 traded at the official market a week earlier.
In the parallel market, also known as the black market, the naira ended the month at N1,415 per dollar, reflecting a N7 or 0.5 percent depreciation from N1,408 at the start of July. Consequently, the gap between the official and parallel market exchange rates widened to 3.45 percent.
Activity at the interbank FX market strengthened during the month. Total turnover rose by 26.97 percent month-on-month to $3.39 billion at the close of July from $2.67 billion recorded in June. However, the number of deals declined by 10.41 per cent, from 2,538 to 2,274, compared with the previous month.
