Dollar to Naira Exchange Rate Today: Naira Holds Steady as Fuel Importer Demand Mounts - Newstrends
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Dollar to Naira Exchange Rate Today: Naira Holds Steady as Fuel Importer Demand Mounts

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Dollar to Naira Exchange Rate Today: Naira Holds Steady as Fuel Importer Demand Mounts

Dollar to Naira Exchange Rate Today: Naira Holds Steady as Fuel Importer Demand Mounts

The Nigerian naira traded within a relatively stable range against the United States dollar on Friday, July 24, 2026, at both the official Nigerian Foreign Exchange Market and the parallel market, though analysts warn that increased dollar purchases by fuel importers could trigger further depreciation in the coming days.

Data from the official market showed the naira exchanging at approximately ₦1,369.92 to the US dollar at the Nigerian Foreign Exchange Market (NFEM), which serves as Nigeria’s official exchange rate benchmark. According to Central Bank of Nigeria data, the highest rate offered during trading was ₦1,370 per dollar, while the lowest rate stood at ₦1,365 per dollar. In the parallel market, commonly referred to as the black market, the dollar traded at around ₦1,420 per dollar, according to market trackers, with Bureau de Change operators buying at approximately ₦1,410 and selling at ₦1,420. Rates may differ slightly depending on location, dealer margins, and transaction volumes. Based on the prevailing official rate, $100 would exchange for about ₦136,992**, while **$1,000 would be worth roughly ₦1.37 million at the NFEM.

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The naira is coming under renewed pressure as fuel importers increase foreign exchange purchases to build inventories, according to a Reuters report cited by The Punch. The Nigerian currency, alongside those of Ghana and Uganda, is projected to weaken against the dollar over the next week, while Kenya’s shilling and Zambia’s kwacha are expected to remain broadly stable. The anticipated depreciation is attributed to increased demand for foreign exchange by fuel importers who have been granted licences by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to import refined petroleum products for the July–September period. Importers including AA Rano, AYM Shafa, Bono, NIPCO, and Pinnacle are building inventory for the quarter, requiring significant foreign currency purchases that are outpacing supply and creating downward pressure on the naira. A trader told Reuters that the local currency was likely to face downside risks as importers sought more dollars to finance fuel purchases. “We expect the naira to come under pressure, with downside risks skewed toward a depreciation as fuel importers front-load dollar purchases to build inventories,” the trader said.

The naira showed some strength earlier in the week as foreign exchange market activity surged dramatically. On Tuesday, July 21, **total turnover at the NFEM climbed to $1.5 billion**, up 87.63 per cent from $816.79 million recorded the previous day. The spike in trading volume lifted the naira on both official and parallel markets, with the dollar falling to N1,375.31 at the NFEM, representing a 0.35 per cent gain. The number of transactions executed at the NFEM also increased by 16.79 per cent to 313 on Tuesday from 268 the day before. The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing foreign exchange reforms and improved market liquidity. The narrowing gap to approximately 1.8 to 2.38 per cent signals improving alignment between official and street prices, down significantly from historic highs. CBN Governor Olayemi Cardoso has credited ongoing reforms for pushing Nigeria’s net foreign reserves from about $3 billion to over $40 billion. Nigeria’s gross external reserves have continued to rise, reaching $51.743 billion, supported by crude oil earnings and stronger foreign portfolio investment inflows. However, analysts caution that reserve growth alone may not be enough to ease parallel market pressure if dollar demand continues to exceed official supply.

The Central Bank of Nigeria determines the official NFEM exchange rate using a volume-weighted average of transactions executed in the market, while parallel market rates are driven by demand and supply among currency dealers. It is important to note that the Central Bank of Nigeria does not recognize the parallel market, as it has directed individuals who want to engage in foreign exchange transactions to approach their respective banks. Rates at which individuals buy or sell forex may differ from published rates because prices vary by location, dealer margins, and transaction volumes.

Market observers noted modest fluctuations driven by supply conditions, demand from importers, and recent developments in the petroleum sector, including the resumption of naira-based sales at the Dangote Refinery. The Reuters projection comes amid growing concerns by downstream operators that continued fuel imports are increasing demand for foreign exchange despite rising domestic refining capacity. Businesses and individuals relying on foreign exchange continue to monitor these daily movements closely, as they directly affect import costs, remittances, and everyday transactions.

Dollar to Naira Exchange Rate Today: Naira Holds Steady as Fuel Importer Demand Mounts

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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

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Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)

 

Hyundai Motors Nigeria has expanded its sport utility vehicle (SUV) range with the introduction of the all-new Mufasa and Grand Creta, offering Nigerian motorists more choices in styling, performance, technology and passenger comfort.

The two models, unveiled in Lagos on Wednesday, are targeted at different customer segments, with the Mufasa designed for motorists seeking a stylish, five-seater SUV, while the Grand Creta offers a three-row, seven-seater configuration suited to larger families and customers requiring additional passenger space.

The launch underscores Hyundai’s efforts to strengthen its presence in Nigeria’s competitive automotive market, where demand for versatile vehicles that combine comfort, safety, performance and practicality continues to shape consumer preferences.

Speaking at the launch, Hyundai Motors Nigeria’s General Manager, Sales and Marketing, Mr Gaurav Vashisht, said the new models reflected the company’s commitment to providing vehicles that meet the changing needs of Nigerian customers.

“The SUV segment continues to attract strong interest in Nigeria, as customers increasingly prioritise comfort, safety, technology and versatility,” Vashisht said.

He also gave a rundown of the two new vehicles’ features even as he stated that the Mufasa and Grand Creta were designed to meet different lifestyle requirements while maintaining Hyundai’s global standards of quality and innovation.

 

Mufasa targets style-conscious motorists

The Hyundai Mufasa combines bold exterior styling with a spacious cabin and features designed for everyday driving. Its distinctive front grille, signature LED lighting and muscular bodywork give it a commanding road presence.

Power comes from a 2.0-litre Smartstream multipoint fuel injection (MPi) petrol engine paired with a six-speed automatic transmission. Depending on the market specification, the engine produces approximately 150–160 horsepower and 193Nm of torque.

The five-seater SUV measures about 4,475mm in length, with a 2,680mm wheelbase, providing room for passengers and luggage while retaining a practical footprint for urban driving and longer journeys.

Its cabin features a modern dashboard, digital displays and storage spaces, while available equipment, depending on the variant, includes touchscreen infotainment, smartphone connectivity, automatic climate control, wireless charging and selectable driving modes.

Safety and driver-support features include anti-lock braking, electronic stability control, airbags and parking assistance, subject to the vehicle specification.

The Mufasa is positioned as an option for professionals, younger motorists and families seeking a combination of contemporary design, technology and everyday usability.

 

Grand Creta offers seven-seat flexibility

The Grand Creta complements the Mufasa with a larger cabin and seating for up to seven occupants, making it suitable for families and motorists who prioritise passenger capacity and interior flexibility.

The SUV is powered by an available 2.0-litre Smartstream petrol engine producing approximately 159 horsepower and 191Nm of torque. A six-speed automatic transmission is offered on automatic variant.

Its 2,760mm wheelbase supports a spacious three-row layout, while the flexible seating arrangement allows occupants to adjust the cabin to accommodate passengers or luggage.

Depending on the trim, convenience features include an eight-inch touchscreen infotainment system with smartphone connectivity, rear air-conditioning vents, keyless entry, push-button start and a digital instrument cluster.

Higher-specification versions may also feature leather-appointed seats, ventilated front seats, automatic climate control, wireless charging and a panoramic sunroof.

Safety equipment offered across the range includes six airbags, anti-lock braking, electronic stability control, hill-start assist, rear parking sensors, a rear-view camera and ISOFIX child-seat mounting points.

The model is aimed particularly at larger families seeking additional space and comfort without sacrificing the styling and versatility associated with SUVs.

 

After-sales support in focus

Beyond the new models, Hyundai Motors Nigeria says it is focused on delivering a comprehensive ownership experience through its authorised dealership network, after-sales services and access to genuine spare parts.

Vashisht said the Mufasa would appeal to customers seeking bold styling, modern technology and dynamic performance, while the Grand Creta would cater to those requiring greater passenger capacity, comfort and versatility.

“Our objective is not simply to introduce new vehicles but to deliver a complete ownership experience,” he said, reaffirming the company’s commitment to building long-term customer confidence in the Hyundai brand.

The two additions expand Hyundai’s existing SUV portfolio, which includes the Creta, Tucson, Santa Fe and Palisade.

Their introduction comes as automakers compete to attract Nigerian buyers with vehicles offering a balance of comfort, safety, technology, performance and long-term ownership value.

With the Mufasa and Grand Creta, Hyundai is seeking to broaden its appeal across different customer categories while strengthening its position in Nigeria’s increasingly competitive SUV market.

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Happening now: Hyundai unveiling of Mufasa and Grand Creta

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Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.

The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

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No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns

 

The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.

Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.

“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.

His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.

Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.

The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.

However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.

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