The Nigerian Naira maintained its positive momentum against the United States Dollar during the mid-week trading session on Wednesday, January 28, 2026. The local currency reached a significant milestone in the official market, continuing the trend of appreciation observed since the beginning of the week.
Official Market Performance
In the Nigerian Foreign Exchange Market (NFEM), the Naira strengthened to a record level, with the exchange rate settling at approximately 1,400.66 per dollar. This followed a previous session where the currency had already made substantial gains, closing at 1,401.22.
Trading data from the early hours of Wednesday showed that market participants placed bids as low as 1,400 per dollar, reflecting increased confidence in the Central Bank of Nigeria’s (CBN) current monetary policy. The appreciation is largely attributed to the introduction of the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency and improved liquidity in the official window. Additionally, Nigeria’s external reserves, which recently climbed to over 46 billion dollars, continue to provide a solid buffer for the local currency.
Parallel Market Realities
Despite the rapid gains in the official sector, the parallel market, commonly referred to as the black market, showed a more measured response. In major commercial hubs like Lagos and Abuja, the dollar remained relatively stable, trading within a range of 1,480 to 1,485.
While the gap between the official and parallel rates persists, analysts note that the “premium” has narrowed significantly compared to the volatility experienced in late 2025. Bureau De Change operators report that retail demand is steady, but the absence of panic buying has helped keep the informal rate from spiking alongside the official market’s movement.
Summary of Rates for January 28
- NFEM (Official) Opening: 1,408.17
- NFEM (Official) Current: 1,400.66
- Parallel Market Average: 1,485
The mid-week performance of the Naira aligns with projections from the Nigerian Economic Summit Group (NESG) and other financial experts who anticipate the currency will trade within the 1,400 to 1,500 range for much of 2026. As the market looks toward the end of the month, the sustained liquidity in the official window remains the primary driver of the Naira’s resilience.
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