Naira faces fresh pressure as dollar demand rises

With the naira recording a 0.57 per cent appreciation in the month of July, there are concerns that the modest gain is set to be tested by a wave of seasonal foreign exchange demand from summer holiday travel to offshore tuition payments and end-of-quarter importer obligations.
According to traders and market experts, these cyclical outflows are expected to intensify pressure on the currency in the coming weeks, even as the Central Bank of Nigeria (CBN) maintains its supportive policy stance.
The naira recorded a modest appreciation in July 2026, closing the month at N1,368.22/$1 in the official foreign exchange market, up 0.57 per cent from the N1,376/$1 rate at the end of June.
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