The Nigerian naira began the second week of January 2026 on a mixed note, with movements across both the official and parallel foreign exchange markets reflecting cautious trading and close attention to the Central Bank of Nigeria’s recent liquidity injections.
Official Market Performance
At the Nigerian Foreign Exchange Market (NFEM), the naira showed relative calm in early trading. Data from the FMDQ Securities Exchange revealed that the currency opened at about ₦1,424.84 to the dollar and later adjusted slightly to around ₦1,426.73 per dollar by mid-morning on Friday, January 9.
This comes after a week of moderate volatility, during which the exchange rate swung between ₦1,415.00 and ₦1,433.00 per dollar. Market analysts say the current trend reflects a balance between inflows from autonomous sources and periodic CBN interventions aimed at meeting the foreign exchange needs of manufacturers and importers.
Parallel Market Trends
In the parallel market, the naira continues to trade at a higher rate. Information from Bureau De Change operators in Lagos and Abuja shows the dollar exchanging between ₦1,480 and ₦1,505.
Although the gap between the official and parallel markets remains noticeable, it has become a key focus for the CBN’s ongoing efforts to narrow the premium and encourage rate convergence. Traders also note that panic buying has eased compared to the closing months of 2025.
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Dollar to Naira exchange rate today, January 8, 2026
Key Factors Influencing the Naira
Several factors are shaping the current direction of the local currency. Nigeria’s foreign reserves are reportedly stabilising, giving the central bank more room to support the naira. Improved crude oil production has also boosted foreign exchange inflows, strengthening liquidity at the official market. In addition, investors are watching closely for signals from the Monetary Policy Committee, particularly on interest rates and inflation control.
As trading continues, analysts expect the naira to remain within the ₦1,420 to ₦1,440 range at the official window, unless there are sharp
