JUST IN: Dollar to Naira Exchange Rate Today, January 9, 2026

During the second week of January 2026, the Nigerian Naira experienced notable fluctuations across various trading platforms. Market participants are closely observing the latest liquidity measures introduced by the Central Bank of Nigeria (CBN).

In the Nigerian Foreign Exchange Market (NFEM), the Naira exhibited signs of relative stability during early morning trades. Data from the FMDQ Securities Exchange indicated an opening rate of approximately 1,424.84 Naira per dollar. By mid-morning on January 9, this rate had slightly adjusted to 1,426.73 Naira per dollar.

This adjustment follows a previous week characterized by moderate volatility, with the NFEM rate fluctuating between a high of 1,433.00 Naira and a low of 1,415.00 Naira. Analysts suggest that the current trends can be attributed to a balance between autonomous source inflows and periodic interventions aimed at fulfilling the demands of manufacturers and importers.

In contrast, the informal or parallel market for the Naira is trading at a significantly higher rate compared to the official market. Bureau De Change (BDC) operators in cities like Lagos and Abuja report that the dollar is being bought and sold within the range of 1,480 to 1,505 Naira per dollar.

The ongoing disparity between the official and parallel market rates, commonly referred to as the “premium,” continues to draw attention from the CBN as it aims for a convergence of these rates. Notably, the parallel market has observed a decrease 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.