Dollar to Naira exchange rate today, January 26, 2026

The Nigerian Naira opened the final week of January 2026 with a notable gain in the official market, as the currency continues to benefit from improved liquidity and strategic interventions by the Central Bank of Nigeria (CBN). Market participants are closely watching the convergence between official and informal rates as the business year gains full momentum.

Official Market Trends

In the Nigerian Foreign Exchange Market (NFEM), the Naira showed significant strength during the early trading session on Monday, January 26. The currency opened at a stronger position compared to last week’s close, with the exchange rate settling at approximately 1,413.41 per dollar.

This represents a steady appreciation from the 1,421.90 closing rate recorded at the end of the previous week. Financial analysts suggest that the Naira’s resilience is being driven by a combination of factors, including the clearance of FX backlogs and sustained inflows from crude oil sales and foreign portfolio investments. The current price discovery mechanism in the NFEM continues to reflect a transparent market environment, which has helped stabilize corporate demand.

Parallel Market Performance

The parallel market, also known as the black market, has mirrored the stability seen in the official window. In major currency hubs like Lagos, Abuja, and Kano, the dollar is currently trading within a range of 1,475 to 1,490.

While the parallel market still maintains a premium, the gap between the two windows remains relatively narrow compared to historical highs. Bureau De Change operators report that retail demand for personal travel and small-scale business transactions is being met by available supply, which has prevented any significant speculative spikes in the early hours of today’s trading.

Market Outlook and Summary

• NFEM (Official) Current: 1,413.41
• Parallel Market Range: 1,475 – 1,490
• Key Drivers: Improved liquidity, sustained oil revenues, and transparent price discovery.

As the day progresses, traders are looking for signs of sustained volume in the NFEM to confirm the long-term direction of the currency for the remainder of the quarter. With the 2026 macroeconomic outlook projecting a further decrease in inflation and steady GDP growth, the Naira is expected to maintain its current range-bound stability.

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