Naira slides to 1,365.53 per dollar as FX market hits $4.4bn

The Nigerian naira extended its decline against the U.S. dollar in the official foreign exchange market on Tuesday, July 28, 2026, even as new data revealed a record surge in overall market activity. The currency weakened to 1,365.53 naira per dollar, a depreciation from the 1,362.21 rate recorded the previous day.

This slight depreciation occurred against a backdrop of contrasting market dynamics. While daily interbank turnover fell sharply on Monday, weekly data for the period ending July 24 showed total foreign exchange market turnover soaring to $4.375 billion, the highest weekly figure recorded in 2026 and the first time the market has crossed the $4 billion threshold this year. This represented an 83.38 percent increase from the $2.386 billion turnover of the prior week.

Market analysts and an industry insider linked the historic weekly surge to several factors, including increased foreign portfolio activity, major private-sector transactions, and a temporary policy by the Dangote Petroleum Refinery. The refinery had announced on July 14 that it would sell petroleum products in U.S. dollars, a move that raised concerns about increased dollar demand from fuel marketers....