The Nigerian naira held its ground against the US dollar in the early hours of Friday, January 16, 2026, showing calm across both the official foreign exchange market and the parallel market.
At the official Nigerian Foreign Exchange Market (NFEM), the naira opened at about ₦1,422.75 to the dollar. This marked a slight improvement from the previous day’s closing rate of ₦1,424.57. Trading remained relatively stable through the morning, with rates moving between a high of ₦1,424.32 and a low of ₦1,421.05.
Analysts say the steady performance is largely due to continued interventions by the Central Bank of Nigeria (CBN) and better liquidity in the banking system. On average, the naira has traded around the ₦1,420 level this week, suggesting the currency is entering a period of stability after the sharp swings seen toward the end of 2025.
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In the parallel market, the naira exchanged for between ₦1,465 and ₦1,475 per dollar. Although a gap still exists between official and street rates, it has narrowed compared to previous years. Bureau De Change operators in major cities like Lagos and Abuja report moderate demand for dollars, as more businesses are now able to access foreign exchange through official channels.
Overall, the naira’s stability is being supported by easing inflation and a gradual increase in Nigeria’s foreign exchange reserves, giving the CBN more room to manage the market. Still, traders remain cautious, watching global oil prices and upcoming government debt payments, which could influence dollar demand in the weeks ahead.
