By Boluwatife Oshadiya | July 28, 2026
Key Points
- The naira traded around ₦1,362/$ at the official market despite weaker interbank turnover
- The Central Bank supplied nearly 50% of total foreign exchange inflows last week
- Nigeria’s external reserves rose to $52.03 billion, supporting continued FX interventions
Main Story
The Nigerian naira remained broadly stable at the official foreign exchange market on Monday, trading around ₦1,362 per US dollar, as sustained intervention by the Central Bank of Nigeria (CBN) continued to support liquidity in the market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the local currency closed at ₦1,362.2064/$, compared with an opening rate of ₦1,362.0866/$, while eligible transactions were executed within a range of ₦1,359 to ₦1,365.50 per dollar.
Despite the relative stability in exchange rates, interbank market activity weakened significantly. FX turnover declined by approximately 56% to $39.59 million on Monday from $89.08 million recorded at the close of trading on Friday.
The official market nevertheless ended last week on a stronger footing, with the naira appreciating 1.31% to ₦1,362.09/$ from ₦1,380.18/$ a week earlier.
According to Coronation Merchant Bank, total foreign exchange inflows reached $1.01 billion during the review period, with the CBN accounting for $500 million, representing 49.36% of total market liquidity. Foreign Portfolio Investors contributed 26.03%, while exporters accounted for 13.85% of total inflows.
Gross external reserves also improved slightly, rising to $52.03 billion from $51.94 billion, reinforcing the apex bank’s capacity to sustain near-term interventions.
What’s Being Said
“The spot rate movement reflects relative stability in the official market, supported by CBN FX interventions and steady foreign exchange inflows,” Broadstreet analysts said in a market update.
Coronation Merchant Bank added that the improvement in external reserves provides additional support for the CBN’s ongoing foreign exchange management strategy.
What’s Next
- Market participants expect the naira to trade within a relatively narrow range in the coming sessions.
- Investors will continue monitoring CBN intervention levels and foreign portfolio inflows for signs of sustained liquidity.
- Future exchange rate direction will depend on FX demand, reserve accretion and broader macroeconomic conditions.
The Bottom Line: The naira’s stability continues to rely heavily on official support, with the CBN providing nearly half of total market liquidity. Sustaining current exchange rate gains will depend on stronger autonomous foreign exchange inflows and continued improvement in Nigeria’s external reserves.
