Dollar to Naira Black Market and Official Rate Today January 26 2026 Forex Report

The Nigerian Naira began the final week of January 2026 on a positive note in the official foreign exchange market, posting noticeable gains amid improved liquidity conditions and sustained regulatory interventions by the Central Bank of Nigeria. Financial markets are closely monitoring the narrowing gap between the official and parallel exchange rates as commercial activities gather pace for the year.

In the Nigerian Foreign Exchange Market, the Naira strengthened during early trading on Monday, January 26, with the exchange rate settling at approximately ₦1,413.41 per dollar. This marks an appreciation from the ₦1,421.90 rate recorded at the close of last week’s trading session.

Economic analysts attribute the currency’s improved performance to multiple factors, including the gradual clearance of foreign exchange backlogs, increased inflows from crude oil exports, and renewed participation by foreign portfolio investors. The ongoing price discovery framework in the official window has also enhanced transparency and restored confidence among corporate and institutional market participants, helping to moderate demand pressures.

The stability recorded in the official market is being reflected in the parallel market, where the dollar is currently trading between ₦1,475 and ₦1,490 across major commercial centres such as Lagos, Abuja, and Kano. Although the parallel market still commands a premium over the official rate, the spread remains considerably narrower than levels previously observed during periods of volatility.

Bureau De Change operators report that retail demand, largely driven by personal travel, tuition payments, and small business transactions, is being adequately supported by available supply. This has helped to limit speculative activities and prevent sharp price swings in early trading.

Market observers note that sustained trading volumes in the official window throughout the week will be critical in determining the medium-term direction of the Naira. With macroeconomic projections for 2026 pointing to easing inflationary pressures and steady economic growth, there are cautious expectations that the local currency may maintain relative stability within its current range.

As trading continues, investors, importers, exporters, and financial institutions remain attentive to signals from the Central Bank and broader market liquidity trends that could influence exchange rate movements in the weeks ahead.