The Nigerian naira weakened against the US dollar at the official Nigerian Foreign Exchange Market (NAFEM) on Thursday, August 6, 2026, closing at N1,364.88 per dollar. This represents a loss of N2.33 or 0.17% compared to the N1,362.55 recorded at Wednesday's close, according to data from the FMDQ securities exchange.
Increased FX Turnover Fails to Support Naira
The depreciation occurred despite a significant rise in trading activity within the official market. NAFEM interbank foreign exchange turnover climbed to $98.804 million on Thursday, a rise of more than 31% 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.
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.
Parallel Market and Bank Rates
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.
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.
Official CBN Rates
The CBN's latest official rates as of Thursday include:
- CFA: N2.40
- Yuan/Renminbi: N202.39
- Danish Krona: N211.25
- Euro: N1,575.73
- Yen: N8.66
- Riyal: N363.71
- South African Rand: N84.49
- SDR: N1,864.95
- Swiss Franc: N1,690.62
- Pounds Sterling: N1,839.17
- US Dollar: N1,365.69
- WAUA: N1,864.43
- UAE Dirham: N371.77
The official dollar rate of N1,365.69 in the CBN's published list is slightly above the N1,364.88 per dollar recorded at NAFEM during Thursday's trading session.
CBN Reviews Banks for Forex Violations
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has uncovered foreign exchange infractions among authorised dealers following a review of 34 financial institutions, even as it found that banks were broadly following existing FX rules. The foreign exchange examination assessed compliance across the period from April 1, 2024, to March 31, 2025. Examiners looked at how banks adhered to FX regulations, whether foreign exchange was used for eligible transactions, and how funds moved through major sources.
According to Dave Ibemere, a senior business editor at Legit.ng, the naira's performance reflects ongoing market dynamics despite increased liquidity. "The rise in turnover indicates improved dollar supply, but demand pressures persist, keeping the naira under slight pressure," he said.
