The Nigerian Naira maintained a relatively steady position against the United States Dollar during the early trading hours of Tuesday, January 6, 2026, across both the official and informal foreign exchange markets.
Data from the Nigerian Foreign Exchange Market (NFEM) indicates that the Naira opened the trading week with marginal fluctuations. As of Tuesday morning, the official exchange rate was quoted at approximately 1,431.47 NGN per 1 USD. This follows a slight strengthening of the local currency compared to the closing rates observed during the first few days of the new year, which hovered around the 1,440 NGN mark.
In the parallel market, commonly referred to as the black market, the Naira continues to trade at a premium. Bureau De Change (BDC) operators in major hubs like Lagos, Abuja, and Kano reported trading rates between 1,495 NGN and 1,510 NGN per Dollar. The gap between the official and parallel market rates remains a point of focus for investors and policymakers as the Central Bank of Nigeria (CBN) continues its efforts to achieve price discovery and market liquidity.
Market analysts suggest that the current stability is driven by a balanced mix of demand for school fees and seasonal business imports, offset by consistent interventions and improved foreign portfolio inflows.
Despite the slight appreciation in the official window, the cost of living and imported goods remains sensitive to the volatility of the exchange rate.
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