The Nigerian naira depreciated against the United States dollar in the official foreign exchange market on Friday, July 10, according to data released by the Central Bank of Nigeria (CBN). The local currency closed at N1,379.62 per dollar, a decline of N1.19 or 0.09% from the N1,378.43 rate recorded on Thursday.
Naira Weakens Against British Pound, Gains on Euro
In the official market, the naira also lost ground against the British pound, settling at N1,850.62 per pound, down N3.80 from the previous day's close of N1,846.82. However, the currency posted a modest recovery against the euro, appreciating by 43 kobo to close at N1,575.66 per euro, compared with N1,576.09 on Thursday.
Parallel Market and Bank Rates
In the parallel market, trading remained relatively calm. Currency trader Abdullahi told Legit.ng that activity was steady, with the dollar bought at N1,417 and sold at N1,427. He said: "We bought the dollar at N1,417/$1 and sold it at N1,427/$1. The British pound traded at N1,875 (buying) and N1,895 (selling), while the euro exchanged at N1,577 (buying) and N1,597 (selling)."
At the GTBank foreign exchange desk, the dollar was quoted at N1,386, an increase of N1 from the previous session.
Forex Turnover and Inflows Decline
Interbank foreign exchange turnover fell by approximately 10% on Friday, dropping to $71.044 million from $78.708 million recorded a day earlier. The number of deals completed in the official market also declined, falling to 87 transactions from 106 on Thursday.
Research from Coronation Merchant Bank's subsidiary indicated that total foreign exchange inflows into Nigeria reached $990 million last week. Foreign Portfolio Investors led all categories, contributing 35.81% of the total, equivalent to $350 million. Exporters accounted for 28.72%, or $280 million, while the CBN provided 11.15%, or $110 million. Non-bank corporations made up a further 10.92% of inflows, reflecting continued participation from the private sector.
CBN Official Selling Rates
The CBN quoted the following official selling rates for major foreign currencies: CFA – N2.40, Chinese Yuan (Renminbi) – N203.56, Danish Krone – N210.77, Euro – N1,575.66, Japanese Yen – N8.52, Saudi Riyal – N367.44, South African Rand – N84.53, SDR – N1,875.58, Swiss Franc – N1,707.45, British Pound Sterling – N1,850.62, US Dollar – N1,379.62, WAUA – N1,871.05, and UAE Dirham – N375.63.
IMF Retains Nigeria's Economic Growth Forecast
Earlier, Legit.ng reported that the International Monetary Fund (IMF) has retained Nigeria's economic growth forecast steady at 4.1% for 2026 and 4.3% for 2027, signalling continued confidence in the country's reform trajectory even as global risks intensify. The figures appear in the IMF's July 2026 World Economic Outlook Update, titled "Global Economy in Crosscurrents of War and Technology," and are unchanged from the projections published in April 2026. The report attributes Nigeria's resilient outlook to stronger macroeconomic stability and the trade advantages that come with being an oil-exporting nation.
