Explore the latest developments concerning Naira to Weaken.
Naira to Weaken as Fuel Importers Increase Dollar Demand
The naira is coming under renewed pressure against the United States dollar as fuel importers increase foreign exchange purchases to build inventories.
Reuters reported on Thursday that the Nigerian currency, alongside those of Ghana and Uganda, is projected to weaken against the dollar over the next week, while Kenya’s shilling and Zambia’s kwacha are expected to remain broadly stable.
The report attributed the anticipated depreciation of the naira to increased demand for foreign exchange by fuel importers, who have been granted licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to import refined petroleum products.
The naira was quoted at N1,368/$ on the official foreign exchange market on Thursday, compared with N1,383/$ a week earlier. It exchanged at about N1,420/$ in the parallel market.
Dollar to Naira Exchange Rate Today, July 23, 2026: Nigerian Naira extends appreciation against US dollar
The Nigerian naira extended its appreciation against the US dollar at the official foreign exchange market on Thursday.
Data from the Central Bank of Nigeria,CBN showed that the naira strengthened further to N1,367.76 per dollar on Thursday, up from N1,369.64 per dollar recorded at the official foreign exchange market on Wednesday.
This means that, on a day-to-day basis, the naira gained N1.87 against the dollar at the official foreign exchange market.
Meanwhile, at the parallel (black) market, the naira depreciated by N5 to N1,420 per dollar on Thursday, down from N1,415 per dollar traded on Wednesday.
This comes amid the continued rise in the country’s external reserves, which increased to $52.04 billion as of July 22, 2026.
JAYO 5Rolls PLA/PLA Plus/petg/ABS/TPU/PLA meta/PLAYG/HS-PLA 3D Printer Filament 1.75mm FDM 3D Printer Materials for 3D Printer
AFRICA-FX-Several major currencies expected to fall
Published on 07/23/2026
at 07:32 am EDT – Modified on 07/23/2026
at 07:34 am EDT
ACCRA, July 23 (Reuters) – The currencies of Ghana, Nigeria and Uganda are expected to fall against the dollar in the next week to Thursday, while those of Kenya and Zambia should be broadly stable, traders said.
Ghana's cedi is expected to stay under pressure as persistent corporate dollar demand outpaces supply.
LSEG data showed the cedi trading at 11.61 to the dollar on Thursday, compared to 11.50 a week earlier.
"We've seen increased FX demand from local corporate accounts, particularly within the energy and commerce sectors," said Andrews Akoto, head of trading at Absa Bank Ghana.
For more detailed information, explore updates concerning Naira to Weaken.