The Nigerian naira fell by N7.09 against the US dollar in the official market on Wednesday, August 19, 2026, closing at N1,350.41 per dollar compared with N1,343.32 the previous day, a decline of 0.53%, according to data published by the Central Bank of Nigeria (CBN).
The exchange rate movement was recorded in the Nigerian Foreign Exchange Market (NFEM), where the naira also weakened against other major currencies, including the pound sterling and the euro.
Naira Sheds Ground Against Pound and Euro
Against the pound sterling, the naira lost N19.87 to close at N1,839.13 per pound, down from N1,819.26 recorded on Tuesday. The euro also gained on the naira, which fell by N18.07 to close at N1,574.31 per euro, compared with N1,556.24 in the previous session, as per CBN data.
In the parallel market, however, the naira held firm at N1,390 per dollar. The rate at the GTBank forex desk was similarly stable, with the dollar quoted at N1,357.
FX Turnover Rises Despite Fewer Deals
Interbank foreign exchange turnover climbed by 1.72% to $370.98 million on Wednesday, up from $364.71 million in the prior trading session, according to CBN data. Despite the higher volume, the number of interbank deals fell to 100 from 108, pointing to a moderate slowdown in transaction activity.
Separately, CBN data covering April 2026 showed that end-user demand for foreign exchange in Nigeria dropped by 35.23% to $3.42 billion during the month. The decline reflected reduced FX usage across several sectors, including oil, food, and manufacturing. As a result, the monthly average exchange rate improved by 1.38% to N1,361.22 per dollar in April, from N1,379.98 per dollar in March.
At the close of April, the naira was trading at N1,374.94 per dollar in NAFEM, improving from N1,386.72 at the end of March.
Snapshot of Naira Rates in Official Market
Based on CBN-published rates, the naira traded at the following rates against major foreign currencies: CFA at N2.37, Yuan/Renminbi at N200.61, Danish Krone at N210.56, Euro at N1,574.31, Yen at N8.52, Riyal at N359.65, South African Rand at N83.71, SDR at N1,849.12, Swiss Franc at N1,681.92, Pound Sterling at N1,839.13, US Dollar at N1,350.41, WAUA at N1,836.21, and UAE Dirham at N367.65.
Earlier, Legit.ng reported that the Central Bank of Nigeria revealed that external reserves have dropped to $49.57 billion from a recent peak of $50.02 billion. In the last seven consecutive sessions, data from the CBN shows that reserves have dropped. Provisional balance of payments data published by the CBN showed the surplus fell to $14.04 billion in 2025 from $19.03 billion in 2024.
