Incredible Naira Defeats Dollar Massively, See Exchange Rate Today

As of the final trading session of January 2026, the Nigerian Naira has demonstrated strong performance against the United States Dollar, maintaining stability around the significant support level of 1,390 in the official market.

This continued resilience reflects the positive effects of ongoing liquidity measures and improved investor confidence in the currency.

In the Nigerian Foreign Exchange Market (NFEM), the Naira opened at approximately 1,388.07 per dollar. Throughout the early morning session on Friday, the exchange rate experienced slight fluctuations as market participants responded to corporate demands typical at the end of the month. By mid-morning, the exchange rate stabilized at 1,391.00 per dollar.

This steady valuation follows a week of gains where the Naira successfully breached the 1,400 psychological barrier. Financial analysts attribute this resilience to the Central Bank of Nigeria’s (CBN) consistent use of the Electronic Foreign Exchange Matching System (EFEMS) and a notable increase in the country’s external reserves.

The transparency provided by these systems has significantly reduced the bid-ask spread, fostering a more predictable environment for importers and exporters alike.

The parallel market, or informal sector, has mirrored the stability seen in the official window, although it continues to trade at a traditional premium. In major commercial centers such as Lagos, Abuja, and Kano, Bureau De Change operators reported the dollar trading between 1,460 and 1,475.

Despite the gap, the parallel market has not seen the volatile spikes often associated with the end of the month. Traders indicate that the supply of dollars remains adequate to meet retail needs, such as personal travel allowances and small-scale business requirements. The absence of speculative hoarding has played a crucial role in keeping the informal rate within this range, providing a sense of relief to consumers and small business owners.

The NFEM official opening rate stood at 1,388.07 per dollar, with the current trading average at 1,391.00. Meanwhile, the parallel market average across major hubs remains around 1,467.

As the market prepares to close for the weekend, observers are optimistic that the Naira will carry this momentum into February. The combination of easing inflation, a surplus in the balance of payments, and the central bank’s proactive management continues to provide a solid foundation for the local currency’s value against the greenback.