Dollar to Naira exchange rate today, January 16, 2026
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The Nigerian Naira maintained a steady position against the United States Dollar in the early hours of Friday, January 16, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the unregulated parallel market.
Official Market Performance
According to the latest data from the NFEM, the Naira opened the trading day at approximately 1,422.75 per dollar. This reflects a marginal appreciation compared to the closing rate of 1,424.57 recorded during the previous session. Throughout the morning, the exchange rate fluctuated within a narrow band, reaching a high of 1,424.32 and a low of 1,421.05.
Market analysts attribute this relative stability to consistent interventions by the Central Bank of Nigeria (CBN) and improved liquidity within the banking system. The “simple average rate” or mean for the week has hovered around the 1,420 mark, suggesting a period of consolidation for the local currency after the volatility seen in late 2025.
Parallel Market Trends
In the parallel (black) market, the Naira is currently trading between 1,465 and 1,475 per dollar. While the gap between the official and parallel rates—often referred to as the “arbitrage gap”—remains present, it has narrowed significantly compared to previous years. Bureau De Change operators in Lagos and Abuja noted that demand for the greenback has been moderate, as many corporate entities now find it easier to source foreign exchange through official channels.
Economic Outlook
The stability of the Naira comes amid cooling inflation figures and a steady rise in Nigeria’s foreign exchange reserves, which have provided the CBN with the necessary buffers to defend the currency. However, traders remain cautious, keeping a close eye on global oil prices and upcoming sovereign debt obligations that could impact the demand for dollars in the coming weeks.
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