The Nigerian Naira strengthened against the United States Dollar in early trading on Friday, January 23, 2026, marking a positive end to the third week of the year. Increased liquidity in the official window and a general easing of demand have contributed to the local currency’s upward momentum.
Official Market Performance
Data from the Nigerian Foreign Exchange Market (NFEM) indicates that the Naira opened the session at 1,420.13 per dollar. By mid-morning, the currency saw a notable appreciation, with the exchange rate settling at approximately 1,418.16 per dollar. This represents a 0.31 percent gain from the previous day’s closing figures.
Market analysts attribute this strengthening to a more efficient allocation system and the central bank’s consistent efforts to clear outstanding obligations. The transparency in the NFEM has continued to foster a more predictable environment for corporate buyers, who have seen the rate oscillate within a stable band throughout the month of January.
Parallel Market Activity
The parallel market also reflected the bullish trend seen in the official sector. In major trading zones such as Lagos (Ikeja and Broad Street) and Abuja (Wuse Zone 4), the dollar is currently being exchanged at rates between 1,470 and 1,485.
The slight contraction in the parallel market rate suggests that retail demand is being comfortably met by current supply levels. Bureau De Change operators noted that the speculative pressures typically associated with the beginning of the year have largely been neutralised by the central bank’s improved oversight and the steady flow of diaspora remittances.
Closing Summary for January 23
- NFEM (Official) Opening: 1,420.13
- NFEM (Official) Current: 1,418.16
- Parallel Market Range: 1,470 – 1,485
The convergence between the two markets remains a key highlight for the first quarter of 2026. If the current trajectory holds, the Naira is expected to maintain its resilience, supported by projected growth in foreign reserves and a stabilising trade balance. Investors and the public are keeping a close watch on the weekend’s closing rates, which will set the tone for the final week of the month.
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