Dollar to Naira Exchange Rate Today, January 23, 2026

On January 23, 2026, the Nigerian Naira demonstrated strength against the United States Dollar during early trading, concluding the third week of the year on a positive note. Factors contributing to this upward trajectory include increased liquidity in the official foreign exchange market and a general easing of demand for foreign currency.

According to the Nigerian Foreign Exchange Market (NFEM), the Naira started the trading session at an exchange rate of 1,420.13 per dollar. By mid-morning, the currency appreciated significantly, with the rate settling around 1,418.16 per dollar. This marks a gain of 0.31 percent compared to the closing figures from the previous day.

Market analysts attribute this strengthening of the Naira to a more efficient allocation of currency and the central bank’s ongoing efforts to address outstanding obligations. The increased transparency within the NFEM has created a more predictable environment for corporate buyers, allowing them to navigate exchange rate fluctuations more effectively throughout January.

Furthermore, the parallel market has mirrored the positive trend observed in the official sector. In key trading hubs like Lagos (Ikeja and Broad Street) and Abuja (Wuse Zone 4), the dollar is currently being exchanged at rates ranging from 1,470 to 1,485 Naira.

The slight contraction in the parallel market rate suggests that retail demand is being comfortably met by current supply levels. Bureau De Change operators noted that the speculative pressures typically associated with the beginning of the year have largely been neutralised by the central bank’s improved oversight and the steady flow of diaspora remittances.

Closing Summary for January 23
NFEM (Official) Opening: 1,420.13
NFEM (Official) Current: 1,418.16
Parallel Market Range: 1,470 – 1,485

The convergence between the two markets remains a key highlight for the first quarter of 2026. If the current trajectory holds, the Naira is expected to maintain its resilience, supported by projected growth in foreign reserves and a stabilising trade balance. Investors and the public are keeping a close watch on the weekend’s closing rates, which will set the tone for the final week of the month.