Dollar to Naira Exchange Rate Today, January 16, 2026

​On Friday, January 16, 2026, the Nigerian Naira held a stable position against the United States Dollar during early trading hours in both the official Nigerian Foreign Exchange Market (NFEM) and the unregulated parallel market.

Latest figures from the NFEM indicate that the Naira began the day at approximately 1,422.75 per dollar, which marks a slight appreciation from the previous day’s closing rate of 1,424.57. Throughout the morning, the exchange rate exhibited minimal fluctuations, reaching a high of 1,424.32 and a low of 1,421.05, demonstrating relative stability in the currency’s performance.

​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.

​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.

​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.