The naira recorded mixed movements across the official and parallel foreign exchange markets on Wednesday, July 8, 2026.
Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) showed the naira closed at ₦1,379.00/$1, compared with ₦1,371.00/$1 recorded in the previous trading session. The movement represents a depreciation of ₦8.00, or 0.58%, against the United States dollar.
In contrast, the currency posted a slight gain in the parallel market, where the dollar exchanged at ₦1,398.50/$1, improving from ₦1,400.00/$1 the previous day.
Trading in other major foreign currencies was largely stable. The British pound traded at ₦1,861.00/£1, representing a marginal ₦1.00 movement from the previous day’s ₦1,860.00/£1. The euro exchanged at ₦1,581.00/€1, also reflecting a modest ₦1.00 change from ₦1,580.00/€1, while the Canadian dollar remained unchanged at ₦1,055.00/CAD.
External Reserves Rise
Nigeria’s external reserves continued their upward trend, rising to $51.580 billion as of July 6, 2026, from $51.526 billion earlier in the month.
