Nigeria's Naira Weakens as FX Liquidity Tightens and Reserves Drop
The Nigerian naira slipped modestly in late July 2026, closing at about ₦1,366 per U.S. dollar in the official market. Interbank foreign‑exchange turnover fell 4.2% to $58.42 million, while the Central Bank of Nigeria reported external reserves slipped to roughly $51.92 billion.
In the parallel (black) market the dollar traded near ₦1,410, a narrower spread from earlier in the year. The Central Bank’s 2025 annual report showed total foreign‑exchange inflows rose 13.81% to $109.86 billion, driven largely by autonomous sources that supplied 64.21% of inflows ($70.54 billion). CBN‑direct inflows fell 2.08% to $39.32 billion. Net foreign liability rose to $90.2 billion, and foreign debt increased to $90 billion.
Cash held outside banks in Nigeria fell sharply, reaching N4.92 trillion in June 2026, an 8.98% decline from December 2025, indicating a return of physical currency to the formal banking system. These trends reflect tighter FX liquidity, modest naira depreciation, and a mixed picture of growing external inflows alongside falling reserves.
Entities: Autonomous FX sources · Central Bank of Nigeria · Foreign exchange market · Foreign investors · Naira · Nigeria · Parallel black market
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] CBN's own FX inflows decreased 2.08% to $39.32 billion in 2025. (official)
- [● 2 SOURCES] Total foreign exchange inflows reached $109.86 billion in 2025, a 13.81% increase from 2024. (official)
- [○ 1 SOURCE] Interbank foreign exchange turnover increased by 160% to $102.95 million. (Central Bank of Nigeria data)
- [○ 1 SOURCE] Portfolio investment liabilities grew by $10.1 billion in 2025. (Central Bank of Nigeria report)
- [● 2 SOURCES] The official naira exchange rate weakened to roughly N1,364‑N1,366 per US dollar. (official)
- [○ 1 SOURCE] Nigeria's net foreign liability rose to $90.2 billion in 2025, up $7.5 billion from 2024. (Central Bank of Nigeria report)
- [● 2 SOURCES] Autonomous sources accounted for 64.21% of total FX inflows in 2025, amounting to $70.54 billion. (official)
- [● 2 SOURCES] Nigeria's foreign exchange reserves fell to about $51.96 billion, slipping below $52 billion. (Central Bank of Nigeria data)
- [○ 1 SOURCE] Parallel market dollar rate was about ₦1,410 per US dollar on 30 July 2026. (report)
- [○ 1 SOURCE] Cash held outside banks fell to N4.92 trillion in June 2026, an 8.98% decline from December 2025. (official)
- [○ 1 SOURCE] Interbank FX turnover declined 4.2% to $58.42 million. (official)
- [○ 1 SOURCE] Nigeria's external reserves fell to $51.92 billion. (official)