The naira traded largely flat against the dollar on Monday, the first trading day of August 2026, as stronger activity in the interbank foreign exchange (FX) market supported daily liquidity.

Data published by the Central Bank of Nigeria (CBN) showed the naira closed at N1,364.83 per dollar on Monday, compared with N1,368.22 on Friday at the Nigerian Foreign Exchange Market (NFEM), representing a marginal movement of N3.39.

Interbank market activity strengthened significantly during the session. The number of deals more than doubled to 138 on Monday from 67 on Friday, representing a 105.97 percent increase. Total turnover also surged by 132.33 percent to $137.05 million from $58.99 million recorded at the previous session.

Although NFEM data for Monday’s deals and turnover were unavailable at the time of filing this report, the market had ended last week on a softer note. The number of deals declined by 9.39 percent to 222 on Friday from 245 on Thursday, while turnover fell by 24.48 percent to $231.41 million from $306.44 million over the same period.

Nigeria’s external reserves, which provide the CBN with the capacity to support the naira and meet external obligations, stood at $51.92 billion as of July 31, 2026, according to data published on the apex bank’s website.

Analysts at Coronation Merchant Bank said the naira weakened across both the official and parallel markets last week as persistent foreign exchange demand continued to weigh on the currency despite ongoing policy support.

At the NFEM window, the…