The naira recorded a marginal gain against the United States dollar in the official foreign exchange market on Thursday, July 16, 2026, according to fresh data from the Central Bank of Nigeria (CBN). The Nigerian currency closed at N1,381.53 per dollar, compared with Wednesday's closing rate of N1,382.18, representing an appreciation of 65 kobo or 0.04%.
Improved Liquidity Supports Naira
The slight gain was supported by improved dollar liquidity in the Nigerian Foreign Exchange Market (NFEM), which helped the market absorb elevated demand during the trading session. The CBN reported a sharp jump in market activity, with interbank FX turnover climbing 69% to $205.37 million, up from $121.73 million recorded a day earlier. This surge signals stronger participation from market players.
Nigeria's gross external reserves also rose slightly to $51.893 billion from $51.867 billion the previous day, buoyed by oil export earnings, diaspora remittances, and inflows from foreign portfolio investors.
Naira Weakens Against Pound and Euro
The naira's gains were confined to its performance against the dollar. Against the British pound, the local currency shed N9.48, closing at N1,866.17 per pound compared with N1,856.69 the day before. It also lost ground against the euro, settling at N1,582.68 per single European currency unit, a depreciation of N2.99 from Wednesday's N1,579.69.
In the parallel market, dollar demand remained subdued, with currency traders reporting that the greenback exchanged hands at N1,405, the same rate recorded in the previous session. The exchange rate at GTBank's FX desk also held firm at N1,389 per dollar.
CBN Launches FX BDC Purchase Tracker
The CBN also announced the launch of the FX BDC Purchase Tracker (FXBT), a new digital tool designed to provide real-time oversight of Bureau De Change transactions, tracking each deal from the point of purchase request through to final sale. This initiative aims to enhance transparency and monitoring in the foreign exchange market.
Naira Rates Across Major Currencies
Based on the latest exchange rates published by the CBN, the naira's performance against major foreign currencies is as follows:
- US Dollar: N1,381.03
- British Pound Sterling: N1,865.50
- Euro: N1,582.11
- Swiss Franc: N1,709.41
- SDR (Special Drawing Rights): N1,879.60
- WAUA: N1,875.92
- UAE Dirham: N376.02
- Saudi Riyal: N367.74
- Chinese Yuan (Renminbi): N203.98
- Danish Krona: N211.62
- South African Rand: N84.05
- Japanese Yen: N8.51
- CFA: N2.39
CBN Warns Against Abuse of Naira
In a related development, with the holiday season approaching and demand for cash set to rise, the CBN has appealed to Nigerians not to abuse the naira. The call was made during the official launch of a nationwide campaign on proper handling of banknotes. The CBN stated that the initiative aims to reduce abuse of the naira and discourage hoarding, which undermines smooth monetary operations.
