Nigeria’s currency posted a slight gain against the United States dollar in the official foreign exchange market on Thursday, July 16, 2026, according to the latest figures released by the Central Bank of Nigeria (CBN).
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closed at ₦1,381.53/$, improving from ₦1,382.18/$ recorded in the previous trading session. The appreciation of 65 kobo, representing 0.04%, was largely attributed to improved dollar liquidity, which helped meet strong demand in the market.
Despite the gain against the U.S. dollar, the naira weakened against other major foreign currencies. It fell by ₦9.48 against the British pound to close at ₦1,866.17/£, compared with ₦1,856.69/£ a day earlier. The local currency also depreciated against the euro, ending the session at ₦1,582.68/€, down ₦2.99 from Wednesday’s closing rate of ₦1,579.69/€.
In the parallel market, the exchange rate remained unchanged, with the dollar trading at ₦1,405, according to currency dealers. Similarly, GTBank’s foreign exchange desk maintained its selling rate at ₦1,389 per dollar.
The CBN also reported a significant increase in trading activity at the official market. Interbank foreign exchange turnover on the NFEM rose by 69%, climbing from $121.73 million to $205.37 million, reflecting stronger participation by market operators.
Nigeria’s external reserves recorded another modest increase, rising to $51.893 billion from $51.867 billion the previous day. The growth was supported by higher oil export earnings, diaspora remittances, and inflows from foreign portfolio investors.
As part of efforts to improve transparency in the foreign exchange market, the apex bank unveiled the FX BDC Purchase Tracker (FXBT), a digital platform designed to monitor Bureau De Change (BDC) transactions in real time. The system tracks every transaction from the initial purchase request through to the final sale, strengthening oversight of foreign exchange activities.
Latest CBN Exchange Rates
Based on the Central Bank’s latest official rates, the naira traded as follows:
- US Dollar: ₦1,381.03
- British Pound Sterling: ₦1,865.50
- Euro: ₦1,582.11
- Swiss Franc: ₦1,709.41
- Special Drawing Rights (SDR): ₦1,879.60
- West African Unit of Account (WAUA): ₦1,875.92
- UAE Dirham: ₦376.02
- Saudi Riyal: ₦367.74
- Chinese Yuan (Renminbi): ₦203.98
- Danish Krone: ₦211.62
- South African Rand: ₦84.05
- Japanese Yen: ₦8.51
- CFA Franc: ₦2.39
The CBN recently reiterated its call on Nigerians to avoid hoarding or abusing the naira, warning that preserving the integrity of the national currency remains a shared responsibility.
