Dollar to Naira Exchange Rate Today, January 26, 2026

The Nigerian Naira entered the final week of January 2026 on a positive note in the official market, benefiting from enhanced liquidity and strategic interventions implemented by the Central Bank of Nigeria (CBN), according to Vanguard.

Market observers are paying close attention to the trend of convergence between official and informal exchange rates as the business year picks up momentum.

On Monday, January 26, the Nigerian Foreign Exchange Market (NFEM) observed the Naira displaying considerable strength during the initial trading session.

The currency opened at a more favorable position compared to the previous week’s close, with the exchange rate settling around 1,413.41 Naira per dollar. This marks a steady appreciation from the rate of 1,421.90 Naira recorded at the end of the prior week.

Financial analysts attribute the Naira’s resilience to several factors, including the clearance of foreign exchange backlogs and ongoing inflows from crude oil sales as well as foreign portfolio investments.

The current price discovery mechanism in the NFEM is indicative of a transparent market environment, contributing to the stabilization of corporate demand.

Parallel Market Performance
The parallel market, also known as the black market, has mirrored the stability seen in the official window. In major currency hubs like Lagos, Abuja, and Kano, the dollar is currently trading within a range of 1,475 to 1,490.

While the parallel market still maintains a premium, the gap between the two windows remains relatively narrow compared to historical highs. Bureau De Change operators report that retail demand for personal travel and small-scale business transactions is being met by available supply, which has prevented any significant speculative spikes in the early hours of today’s trading.

Market Outlook and Summary
NFEM (Official) Current: 1,413.41
Parallel Market Range: 1,475 – 1,490

Key Drivers: Improved liquidity, sustained oil revenues, and transparent price discovery.
As the day progresses, traders are looking for signs of sustained volume in the NFEM to confirm the long-term direction of the currency for the remainder of the quarter. With the 2026 macroeconomic outlook projecting a further decrease in inflation and steady GDP growth, the Naira is expected to maintain its current range-bound stability.