Naira Stabilizes Against Dollar But Weakens Against Pound and Euro

The Nigerian naira maintained its stability against the US dollar in the official market on Wednesday, July 30, despite a slight drop of just 3 kobo from the previous session.

According to figures from the Nigerian Foreign Exchange Market (NFEM), the naira closed at N1,366.73/$1, marking its third consecutive day without losses.

However, the local currency weakened sharply against other major currencies, losing N18.47 against the British pound and N17.65 against the euro, with closing rates of N1,834.29/pound and N1,572.97/euro respectively.

The interbank FX turnover declined by 4.2% to $58.42 million as banks struggled to fully clear their foreign currency bids, while Nigeria's external reserves dipped slightly to $51.922 billion amid persistent demand pressures.