Naira Falls to Record Low Against Dollar Amid Renewed FX Demand

The Nigerian naira weakened against the US dollar across both official and parallel foreign exchange markets on July 31, 2026. According to data from the Nigerian Foreign Exchange Market (NFEM), 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.

The naira's decline extended its losing streak at the official market despite continued interventions aimed at improving liquidity. Against other major international currencies, the local currency also weakened. It depreciated by N3.50 against the British pound to close at N1,837.79/£, and lost 90 kobo against the euro to settle at N1,573.87/€.

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

Trading activity in the official market showed a modest improvement during the session, with interbank foreign exchange turnover increasing by 0.97% to $58.99 million, up from $58.42 million recorded in the previous session.