Naira maintains stability amid record $5.06 billion weekly FX turnover

The Nigerian naira has demonstrated relative stability against the US dollar amid ongoing monetary reforms by the Central Bank of Nigeria (CBN). In the official foreign exchange market, the naira has recently traded in a range between N1,342 and N1,350 per dollar. While some sessions saw slight depreciations, the currency has shown resilience, supported by improved foreign exchange liquidity and rising external reserves, which reached approximately $52.83 billion in late July 2026.

In the parallel market, the naira has remained largely steady, with exchange rates hovering around N1,400 per dollar. The gap between the official and parallel markets remains relatively contained compared to previous periods of high volatility.

Market activity has seen significant shifts, with Nigeria’s FX spot and derivatives markets hitting a 2026 high of $5.06 billion in weekly turnover for the week ending August 21, 2026. This surge represents a 146.12% increase from the previous week. Despite this liquidity, analysts at Coronation Research project that the naira may face gradual depreciation toward N1,400 per dollar in the second half of 2026, driven by factors such as global economic growth, inflation, and crude oil price fluctuations.