By Boluwatife Oshadiya | August 14, 2026
Key Points
- Naira strengthens 0.22% to ₦1,357.65 per dollar at the Nigerian Foreign Exchange Market
- Interbank FX turnover falls 53% to $79.097 million as completed deals drop to 98
- Improved FX liquidity and weaker dollar demand support the naira despite renewed oil-market uncertainty
Main Story
The naira strengthened 0.22% to ₦1,357.65 per US dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday as reduced corporate demand and improved FX liquidity eased pressure on the local currency.
Data from the Central Bank of Nigeria (CBN) showed that transactions at the interbank FX market fell sharply, with turnover declining to $79.097 million from $168.758 million recorded on Wednesday.
The number of completed FX deals also dropped to 98 from 190 a day earlier, indicating weaker demand for US dollars among banks and their customers. Intraday transactions were executed between ₦1,356 and ₦1,359.50 per dollar.
The naira’s latest gain also reflected improved FX receipts and a more favourable external environment, including elevated oil prices and weakness in the US dollar.
The dollar’s decline was linked to reduced demand for safe-haven assets and differing expectations over the timing of the US Federal Reserve’s next interest-rate decision.
Oil-market developments, however, remain a potential source of pressure for Nigeria’s external position. US West Texas Intermediate crude fell 2.4% on Thursday to $81.25 per barrel, while Brent crude declined about 2% to $87.07.
The International Energy Agency (IEA) expects global oil demand to fall by 1.6 million barrels per day in 2026, while supply disruptions linked to renewed conflict in the Gulf have continued to affect global markets.
What’s Being Said
“Many private businesses undercount the number of ships leaving the Strait of Hormuz due to ships moving covertly through the waterway,” said Chris Wright, US Energy Secretary.
The CBN’s latest transaction data points to weaker dollar demand at the interbank market, while the decline in oil prices highlights the continued sensitivity of Nigeria’s FX outlook to developments in global energy markets.
What’s Next
- Market participants will monitor whether lower corporate FX demand persists in coming sessions
- The naira’s performance will remain sensitive to oil prices, foreign-exchange inflows and movements in the US dollar
- Traders will also watch developments around the Strait of Hormuz and their potential effect on global crude supply
The Bottom Line:
The naira’s latest gain is being supported by reduced dollar demand and improved liquidity rather than a broad surge in FX transactions. Sustaining the rally will therefore depend on whether foreign-exchange inflows remain strong enough to offset weaker oil-market conditions and external volatility.
 on Thursday as reduced corporate...){kind=link}