Dollar to Naira Exchange Rate Today: CBN Official Rate, Black Market Rate and Forex Market Update

The Nigerian Naira continued its upward movement against the United States Dollar during mid-week trading on Wednesday, January 28, 2026, extending the appreciation trend recorded since the start of the week. Activity in the official foreign exchange window showed renewed confidence among market participants as the local currency held firm at stronger levels.

In the Nigerian Foreign Exchange Market, the Naira appreciated further to trade around ₦1,400.66 per dollar, improving from the previous session’s close of ₦1,401.22. Early trading figures indicated that bids were placed as low as ₦1,400 per dollar, a sign that confidence in the current monetary management framework of the Central Bank of Nigeria is gradually strengthening.

Analysts attribute the continued stability to recent reforms introduced in the official market, particularly the Electronic Foreign Exchange Matching System, which has improved price discovery, transparency, and liquidity. The country’s external reserves, now above 46 billion dollars, have also provided additional support for the local currency by strengthening the Central Bank’s ability to meet legitimate demand in the market.

While the official window recorded notable gains, the parallel market responded more cautiously. In major commercial centres such as Lagos and Abuja, the dollar traded within the ₦1,480 to ₦1,485 range. Although a gap still exists between both markets, the spread has narrowed compared to the volatility experienced in the final quarter of 2025.

Bureau De Change operators report that retail demand remains steady without signs of panic buying, which has helped prevent sharp spikes in the informal market despite the appreciation recorded in the official segment.

For January 28, trading figures show that the official market opened at ₦1,408.17 per dollar before strengthening to ₦1,400.66, while the parallel market averaged around ₦1,485. Economic analysts, including projections from the Nigerian Economic Summit Group, expect the Naira to trade largely within the ₦1,400 to ₦1,500 band for most of 2026, provided liquidity in the official window remains sustained.

As the month draws to a close, the improving supply dynamics and policy-driven transparency in the foreign exchange market remain key factors supporting the Naira’s resilience against the dollar.