The naira closed the trading week ended Friday, 10 July 2026, at N1,381.70 to the dollar on the official foreign exchange market, extending a run of losses that underscored sustained demand pressure on the local currency.
Central Bank of Nigeria (CBN) data showed the closing rate compared with N1,370.00 recorded on Friday, 3 July, marking a depreciation of N11.70, or 0.85 per cent, week on week. The currency weakened in four of the five trading sessions, ending the period at its lowest official closing level of the week.
On Monday, 6 July, the naira slipped marginally by N1 to N1,371.00. The decline steepened on Tuesday, when the rate fell N8 to N1,379.00. Wednesday, 8 July, saw the naira hold steady at N1,379.00, although it traded within an intraday band of N1,376 to N1,387. Thursday brought a marginal N0.25 dip to N1,379.25, before Friday's close at N1,381.70, a daily loss of N2.45.
Turnover on the Nigerian Foreign Exchange Market (NFEM) fluctuated throughout the period. Monday recorded $220.18 million; Tuesday rose to $423.02 million; and Wednesday peaked at $504.67 million. Activity then moderated to $298.92 million on Thursday. CBN data did not reflect aggregate NFEM turnover for Friday. Interbank turnover followed a similar arc, climbing from $54.18 million on Monday to $208.09 million on Wednesday, before easing to $78.71 million on Thursday and $71.04 million on Friday.
The currency's decline unfolded against a backdrop of rising external reserves. CBN figures placed Nigeria's foreign reserves at $51.74 billion as of Thursday, 9 July, up by $217.7 million from $51.52 billion recorded the prior week. Reserves had crossed the $51 billion threshold on 18 June 2026 for the first time in roughly 17 years, supported by improved foreign exchange inflows and better market conditions. After dipping below that level in the final days of June, the reserve position resumed its upward trend in July.
Despite the strengthening external buffer, global brokerage EBC Financial Group cautioned in a market outlook released on Thursday that Nigeria's reserve position remains susceptible to volatile portfolio inflows and the economy's persistent reliance on crude oil earnings. The firm observed that much of the recent accumulation has been propelled by cyclical factors that could unwind should global or domestic conditions worsen. It acknowledged that the reserve rebound partly reflects improved investor sentiment following the CBN's foreign exchange reforms, but stressed that long-term sustainability will depend on attracting durable investment, sustaining oil revenue, and maintaining confidence in the naira.
