Naira Rallies on All Fronts as Trading Volume Nearly Doubles

• Lagos, July 22, 2026 — It was a good day to be holding naira.

The currency gained ground against the dollar, euro and pound on Wednesday, and it did so while the market itself came roaring to life. Turnover almost doubled — jumping to $1.53 billion from $816.79 million a day earlier, an 87.63% leap that suggests real money is moving again.

On the official window (NAFEM), the naira firmed to N1,369.63 to the dollar, up from N1,375.31. That’s about N5.68 stronger, or 0.41%, per the Central Bank.

The street told the same story. Dollars changed hands at N1,408, down from N1,413. The euro slipped to N1,585 from N1,595, and the pound eased to N1,915 from N1,918. Small moves individually, but all pointing the same way — and all in the naira’s favour.

What matters just as much is the gap between the two rates. At roughly N38 to the dollar, the spread between official and parallel pricing is tightening, which is exactly the convergence the CBN has been chasing for months.

There was good news on the reserves front, too. The country’s external buffer climbed past $52 billion — to $52.03 billion from $51.02 billion — handing the central bank an extra billion dollars or so to lean on when it needs to steady the currency.

Put it all together — heavier trading, a stronger naira wherever you looked, and a fatter reserve cushion — and Wednesday reads like a market finding its footing.

Source: CBN, BDCs