The Nigerian Naira maintained a steady but pressurised stance against the United States Dollar at the mid-week opening of the foreign exchange market. Data from the Nigerian Foreign Exchange Market (NFEM) and various parallel market points across the country indicate that the local currency continues to navigate the complex volatility that has defined the early part of 2026.
Official Market Performance
At the official window, known as the Nigerian Foreign Exchange Market (NFEM), the Naira opened the trading session with a slight depreciation. Early morning data showed the exchange rate hovering around 1,426.67 NGN per 1 USD. This follows a closing rate of approximately 1,424.50 NGN recorded during the previous session on January 13.
Market analysts note that while the Central Bank of Nigeria (CBN) has made efforts to improve liquidity, the demand for the greenback for international trade and debt servicing remains high. The official “closing rate” for today is expected to settle within the 1,420 NGN to 1,430 NGN range, depending on the volume of interventions and trade executions during the afternoon hours.
Parallel Market Trends
In the informal or parallel market, popularly referred to as the “black market,” the Naira traded at a wider margin. Reports from Bureau De Change (BDC) operators in major hubs like Lagos (Ikeja and Broad Street), Abuja (Wuse Zone 4), and Kano indicate that the dollar is being bought at 1,465 NGN and sold at 1,475 NGN.
The disparity between the official and parallel markets—commonly known as the “FX gap”—currently sits at roughly 50 Naira. While this gap has narrowed significantly compared to previous years, the persistent difference continues to drive speculative activity among small-scale businesses and individuals seeking quick access to foreign currency.
Key Market Indicators
The current market sentiment is influenced by several factors:
Foreign Reserves: Recent reports suggest a stable outlook for Nigeria’s external reserves, providing the CBN with some “firepower” to defend the currency.
Inflationary Pressure: With the National Bureau of Statistics (NBS) tracking core inflation closely, the cost of imported goods remains a primary concern for the federal government.
Trade Volume: Trading activity at the NFEM has seen a moderate increase this week as businesses finalize import orders for the first quarter of the year.
The CBN continues to urge members of the public to utilise official banking channels for their foreign exchange needs to ensure market transparency and support the stability of the national currency.
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