Naira slips against pound as sterling rebounds; NAFEX rate at ₦1,855/£

The Nigerian naira slipped marginally against the British pound on both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on July 15, 2026. On the NFEM opening, the pound traded at about '₦1,855/£1', up from '₦1,849/£1' in the previous session, while the official rate has been oscillating between '₦1,825/£' and '₦1,890/£' per pound. Against the US dollar, the naira traded between '₦1,375/$' and '₦1,380/$' on the official market.

Nigeria's foreign reserves remain above $51 billion, supporting a bullish naira outlook, and the IMF notes the currency is technically undervalued by 25.6% versus the dollar. However, Dangote Petroleum Refinery's decision to sell refined products to local retailers in US dollars—due to problems with its naira‑for‑crude arrangement—is likely to increase commercial demand for dollars, putting longer‑term downward pressure on the naira.

Abroad, the pound gained after a softer US CPI (3.5% YoY in June) and amid Middle‑East tensions that boost oil prices and raise inflation expectations, keeping the Bank of England's rate steady at 3.75% while markets price in roughly a 50% chance of a Federal Reserve rate hike in September.

For Nigerians, a weaker naira means higher costs for imports, foreign travel, school fees abroad and debt servicing, feeding domestic inflation. Importers and travelers should consider locking in rates via forward contracts or domiciliary accounts, monitor CBN interventions, and budget for higher forex expenses.

SOURCE: https://nairametrics.com/2026/07/15/naira-slips-to-n1855-as-british-pound-strengthens/