Naira Loses Ground As Dollar Exchange Rate Rises

The naira closed weaker against the United States dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday, August 6, 2026, losing N2.33 or 0.17 per cent to trade at N1,364.88 per dollar, compared with N1,362.55 recorded at Wednesday’s close, according to Legit.

The depreciation came despite a notable rise in trading activity within the official market.

Against the pound sterling, the local currency also shed 71 kobo, settling at N1,838.09 to the pound from N1,837.38 the previous day. The naira found some relief against the euro, however, gaining 45 kobo to close at N1,574.80 per euro from N1,575.25 on Wednesday.

At the GTBank foreign exchange desk, the naira recovered N4 against the dollar to trade at N1,369, compared with N1,373 recorded at midweek. In the parallel market, the currency held steady at N1,400 per dollar.

FX Turnover Rises Sharply

NAFEM interbank foreign exchange turnover climbed to $98.804 million on Thursday, a rise of more than 31 per cent from the $75.357 million posted on Wednesday.

The number of deals completed during the session also grew, moving from 82 to 106, pointing to stronger dollar flows and broader participation in the official market.

Market participants expect the naira to hold relatively steady in the near term, with increased dollar liquidity seen as a buffer against demand pressure.

Traders also noted that continued dollar sales by the Central Bank of Nigeria (CBN) could offer further support and help contain sharp exchange-rate swings.