Dollar to Naira Exchange Rate Today, January 14, 2026

The Nigerian Naira is currently experiencing a steady, yet pressured, performance against the United States Dollar as trading began mid-week in the foreign exchange market.

Analysis from the Nigerian Foreign Exchange Market (NFEM) and various parallel market sources indicates that the local currency is navigating significant volatility as 2026 progresses.

At the official trading window of the NFEM, the Naira opened the session with a slight depreciation, with early morning figures reflecting an exchange rate of approximately 1,426.67 NGN per 1 USD.

This marks a drop from the closing rate of around 1,424.50 NGN observed in the previous session on January 13. Market analysts suggest that despite the Central Bank of Nigeria’s (CBN) attempts to enhance liquidity, there remains a strong demand for U.S. Dollars, primarily driven by international trade and debt servicing needs.

It is anticipated that the official closing rate today will fluctuate between 1,420 NGN and 1,430 NGN, contingent on the volume of market interventions and trade activity throughout the afternoon.

In the parallel market, commonly referred to as the “black market,” the Naira is trading at a significantly wider margin. Reports from Bureau De Change (BDC) operators in key cities such as Lagos (Ikeja and Broad Street), Abuja (Wuse Zone 4), and Kano indicate that the U.S. Dollar is being purchased for 1,465 NGN and sold for 1,475 NGN.

Currently, the disparity between the official and parallel markets, known as the “FX gap,” stands at approximately 50 Naira. While this gap has narrowed considerably compared to previous years, the ongoing difference continues to fuel speculative activity among small businesses and individuals seeking quick access to foreign currency.

​Key Market Indicators
​The current market sentiment is influenced by several factors:

Foreign Reserves: Recent reports suggest a stable outlook for Nigeria’s external reserves, providing the CBN with some “firepower” to defend the currency.

Inflationary Pressure: With the National Bureau of Statistics (NBS) tracking core inflation closely, the cost of imported goods remains a primary concern for the federal government.

Trade Volume: Trading activity at the NFEM has seen a moderate increase this week as businesses finalize import orders for the first quarter of the year.

​The CBN continues to urge members of the public to utilise official banking channels for their foreign exchange needs to ensure market transparency and support the stability of the national currency.