Dollar to Naira exchange rate today, January 9, 2026
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The Nigerian Naira opened the second week of January 2026 with continued fluctuations across the various trading windows, as market participants monitor the latest liquidity injections from the Central Bank of Nigeria (CBN).
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the local currency showed signs of relative stability in early morning trades. According to data from the FMDQ Securities Exchange, the Naira was quoted at an opening rate of approximately 1,424.84 per dollar. As of mid-morning on Friday, January 9, the rate adjusted slightly to 1,426.73 per dollar.
This follows a week of moderate volatility where the NFEM rate fluctuated between a high of 1,433.00 and a low of 1,415.00. Analysts attribute the current closing trends to a balance in autonomous source inflows and the periodic interventions designed to meet the demands of manufacturers and importers.
Parallel Market Trends
In the informal or parallel market, the Naira is trading at a wider margin compared to the official window. Reports from Bureau De Change (BDC) operators in Lagos and Abuja indicate that the dollar is being bought and sold between 1,480 and 1,505 per dollar.
The gap between the official and parallel market rates, often referred to as the “premium,” remains a point of focus for the CBN as it seeks to achieve a convergence of rates. Despite the slight disparity, the parallel market has seen a reduction in panic buying compared to the final quarter of 2025.
Key Drivers of the Exchange Rate
Several factors are currently influencing the direction of the Naira:
Foreign Reserves: Recent reports suggest a steadying of Nigeria’s foreign reserves, providing the central bank with more leverage to defend the local currency.
Crude Oil Production: Improvements in domestic oil production levels have increased the inflow of foreign exchange, supporting the liquidity of the NFEM.
Monetary Policy: Investors are keeping a close eye on the Monetary Policy Committee’s upcoming signals regarding interest rates and inflation management.
As the trading day progresses, financial experts expect the rate to remain within the 1,420 to 1,440 range on the official window, barring any significant shifts in global oil prices or domestic policy changes.
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