The Nigerian Naira maintained its positive momentum against the U.S. Dollar during mid-week trading on Wednesday, January 28, 2026, continuing a trend of steady appreciation in the official market. In the Nigerian Foreign Exchange Market (NFEM), the Naira strengthened to approximately 1,400.66 per dollar, rising from the previous session’s close of 1,401.22. Early trading saw bids as low as 1,400 per dollar, reflecting growing market confidence in the Central Bank of Nigeria’s monetary policy.
Analysts attribute the gains to the Electronic Foreign Exchange Matching System (EFEMS), which has enhanced transparency and liquidity in the official foreign exchange window. Nigeria’s external reserves, which recently surpassed 46 billion dollars, have also provided a solid buffer for the local currency.
In the parallel market, the response was more measured. In commercial hubs such as Lagos and Abuja, the dollar traded within the range of 1,480 to 1,485.
While the gap between the official and parallel rates persists, the “premium” has narrowed significantly compared to the volatility observed in late 2025. Bureau De Change operators noted steady retail demand, but the absence of panic buying helped prevent spikes in the informal rate alongside gains in the official market.
For January 28, 2026, the Naira opened in the official market at 1,408.17, settled at 1,400.66, and averaged 1,485 in the parallel market. Observers, including the Nigerian Economic Summit Group, project that the Naira is likely to continue trading within the 1,400 to 1,500 range for most of 2026.
Sustained liquidity in the official window, combined with strong foreign reserves and market reforms, is expected to remain the primary driver of the currency’s resilience. The continued stability of the Naira is seen as crucial for investor confidence, trade balance management, and overall economic growth.
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