By Boluwatife Oshadiya | July 14, 2026, 6:45 PM
Key Points
- The naira closed virtually unchanged at ₦1,379.65/$ at the official market
- Interbank foreign exchange turnover rose 21.14% to $86.14 million
- Analysts expect relative currency stability despite persistent underlying FX demand
Main Story
The naira traded largely unchanged against the United States dollar on Monday as subdued demand and supply conditions kept exchange rates stable at the Nigerian Foreign Exchange Market (NFEM).
According to Central Bank of Nigeria (CBN) data, the local currency closed at ₦1,379.6504 per US dollar, compared with an opening rate of ₦1,379.6201, reflecting only marginal movement during the trading session.
Foreign exchange transactions were executed within a range of ₦1,378 to ₦1,381 per dollar, as limited demand for international payments and steady FX supply reduced volatility in the official market.
Although exchange rates remained stable, liquidity improved. Interbank foreign exchange turnover increased 21.14% to $86.136 million, compared with $71.044 million recorded during the previous trading session. However, the number of completed interbank deals eased slightly to 85 transactions, down from 87.
Market participants continued to monitor global developments after renewed geopolitical tensions lifted energy prices and strengthened the US dollar, increasing expectations that the US Federal Reserve could maintain a tighter monetary policy stance.
According to a research report by Coronation Merchant Bank, total foreign exchange inflows into the official market reached $970 million last week. Foreign portfolio investors accounted for 30.29% of total inflows, closely followed by Exporters and Importers at 30.14%, while non-bank corporates contributed 26.49%. The Central Bank of Nigeria provided 6.93%, with other sources accounting for the balance.
What’s Being Said
“We expect the naira to trade within a relatively stable range, supported by sustained foreign exchange inflows and the CBN’s continued market interventions, although persistent underlying FX demand is likely to keep depreciation pressures elevated,” Coronation Merchant Bank said in its latest market report.
Independent market analysts also believe Nigeria’s improved FX liquidity has helped reduce exchange rate volatility, although external factors, including higher global oil prices and a stronger US dollar, remain significant risks to currency stability.
What’s Next
- Investors will monitor this week’s official foreign exchange inflow data for signs of improving market liquidity.
- Global markets will closely watch upcoming US inflation data and Federal Reserve policy signals for their impact on the dollar.
- The CBN is expected to continue market interventions aimed at sustaining exchange rate stability.
The Bottom Line: The naira’s stability reflects improved liquidity conditions in Nigeria’s official foreign exchange market. However, continued resilience will depend on sustained FX inflows and the Central Bank’s ability to manage demand pressures amid an increasingly stronger US dollar environment.
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