Dollar rises amid US-Iran tensions as Naira slides to ₦1,379 per dollar

The US dollar index rose 0.1% to 101.13 on Monday after touching its highest level since July 8, as tensions between the United States and Iran intensified. Tehran said it had targeted US facilities in several Gulf states and again closed the vital Strait of Hormuz, while US and Iranian forces exchanged strikes over the weekend. Against the yen, the dollar gained 0.2% to 162.075; the euro slipped 0.1% to $1.1397 and the British pound fell 0.2% to $1.3374. The Australian dollar dropped 0.3% to $0.6928 and the New Zealand dollar eased 0.1% to $0.5757. Brent crude oil jumped 4.1% to $79.11 a barrel. For Nigeria, the naira weakened to ₦1,379 per US dollar, according to the latest parallel market rate.

The stronger dollar and higher oil prices raise import costs for Nigeria, putting pressure on inflation and household budgets, especially for fuel and goods priced in foreign currency. A weaker naira means more naira are needed to buy the same amount of dollars, affecting importers, travelers and anyone with foreign‑denominated obligations.

Given the naira’s current level and the likelihood of higher fuel costs, will you adjust your monthly budget, look for ways to earn in foreign currency, or consider holding part of your savings in dollars to hedge against further depreciation?

SOURCE: https://www.channelstv.com/2026/07/13/dollar-climbs-on-renewed-middle-east-attacks/