Naira slips to N1,379/$ official, N1,405/$ parallel as margin narrows to N26

The naira traded at N1,379 to the dollar in the official Nigerian Foreign Exchange Market on Tuesday, up from N1,371 the previous day, according to Central Bank of Nigeria data. In the parallel market, the currency slipped to N1,405 per dollar from N1,400 on Monday. Consequently, the gap between the official and parallel rates narrowed from N29 to N26 per dollar.

This modest depreciation means importers need more naira to buy each dollar for goods, raising their costs and potentially leading to higher prices for consumers. Travelers heading abroad will also find their naira buys less foreign currency, increasing travel expenses. The narrowing gap suggests reduced speculative pressure between the two markets, but the overall weakening of the naira still points to underlying pressure on foreign exchange supply.

For businesses that rely on imported raw materials or equipment, the higher exchange rate squeezes profit margins unless they can pass costs onto consumers. Households may feel the pinch through increased prices for imported goods such as electronics, fuel, and food items.

Given the naira’s continued weakness, will you consider adjusting your budget, seeking local alternatives, or locking in exchange rates where possible to manage the impact on your finances?

SOURCE: https://www.channelstv.com/2026/07/08/naira-down-to-%e2%82%a61379-per-dollar/