By Boluwatife Oshadiya| August 11, 2026
Key Points
- Naira appreciates to ₦1,360.14 per dollar at the official market from ₦1,365.69
- Foreign portfolio investors provide $0.40 billion, accounting for 48.11% of weekly FX inflows
- Gross external reserves rise 0.21% to $52.03 billion as interbank FX turnover falls 46%
Main Story
The naira strengthened against the US dollar at the official market on Monday as foreign portfolio investors remained the largest source of foreign exchange inflows.
According to Central Bank of Nigeria (CBN) daily foreign exchange data, the naira appreciated to ₦1,360.14 per US dollar from an opening rate of ₦1,365.69. Spot transactions during the session traded between ₦1,358.50 and ₦1,364.25 per dollar.
Interbank foreign exchange turnover fell 46% to $213.85 million from $393.48 million recorded at the previous Friday’s close, according to CBN data. Despite the lower value of transactions, the number of FX trades increased to 182 from 102.
The decline in turnover points to weaker demand from large-ticket foreign exchange customers during the session, while the increase in transaction count suggests broader market participation.
Foreign exchange inflows remained supported by portfolio investors. Coronation Merchant Bank’s research subsidiary reported total weekly FX inflows of $0.83 billion, with Foreign Portfolio Investors (FPIs) accounting for $0.40 billion, or 48.11% of the total.
Exporters contributed $0.27 billion, representing 32.47%, while non-bank corporates accounted for $0.12 billion, or 14.97%. Individuals contributed $0.02 billion, equivalent to 2.6% of total inflows.
Nigeria’s gross external reserves also increased 0.21% to $52.03 billion from $51.92 billion the previous week, according to the data provided.
The CBN did not provide an FX injection during the week covered by the report.
What’s Being Said
Coronation Merchant Bank’s research subsidiary said foreign portfolio investors remained the largest contributor to weekly FX inflows, while analysts expect the naira to remain broadly stable in the near term as external reserves provide a buffer against exchange-rate volatility.
Editorial note: A verified direct quotation from Coronation Merchant Bank, the CBN, or a named independent analyst should be inserted here before publication, in line with BizWatch Nigeria’s Daily News Brief sourcing standard.
What’s Next
- Market participants will monitor the next round of official FX trading data for changes in turnover, demand and naira pricing
- Investors will watch external-reserve movements and foreign portfolio flows for indications of continued FX liquidity
- The naira’s performance in the official and parallel markets will remain a key indicator of underlying demand pressure
Bottom Line
The Bottom Line: The naira’s latest appreciation is being supported by continued foreign-currency inflows rather than a major reduction in underlying market pressure. Sustained portfolio inflows and a stronger reserve position could help contain short-term volatility, but the divergence between official and parallel-market pricing remains a key market signal.
