BREAKING: Dollar to Naira Exchange Rate Today, January 12, 2026

During the second week of January 2026, the Nigerian Naira experienced fluctuations as market participants adjusted to changes in liquidity in both the official and informal currency markets.

In the Nigerian Foreign Exchange Market (NFEM), the Naira held a relatively stable position against the US dollar. Early trading data indicated that the Naira opened at approximately 1,426.69 per dollar.

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As trading progressed, the rate showed slight appreciation, settling around 1,423.82 per dollar by midday.

This represents a 0.20 percent gain for the Naira, influenced by the Central Bank of Nigeria’s (CBN) efforts to promote transparency in price discovery and ensure a consistent supply of foreign exchange to meet legitimate needs.

Market turnover continues to be a crucial indicator, as the volume of dollars traded today will reflect the corporate demand for the month of January.

Parallel Market Realities

In the parallel market, commonly referred to as the black market, the Naira traded at a slight premium compared to the official window. Reports from currency dealers in Lagos and Abuja show that the dollar is being exchanged at rates ranging between 1,475 and 1,490.

The gap between the official and parallel markets remains a point of interest for economic analysts. While the NFEM provides a benchmark for large-scale transactions, the parallel market continues to serve small-scale retail needs and individuals who may not have immediate access to official banking channels.

Market Outlook

The current stability observed today is attributed to a combination of factors, including steadying oil revenues and the central bank’s ongoing monetary tightening measures. However, pressure remains as importers begin to place orders for the first quarter of the year, potentially testing the resilience of the current exchange rate levels.

Observers are closely watching for further policy updates from the financial regulators, which could influence the direction of the currency as the business year gains full momentum.

Vanguard