At the midweek opening of the foreign exchange market, the Nigerian Naira remained stable but under pressure against the US dollar. The local currency is still navigating the complicated volatility that has characterised the first half of 2026, according to data from the Nigerian Foreign Exchange Market (NFEM) and several parallel market points throughout the nation.
It is expedient to know that Naira began trading with a minor depreciation at the Nigerian Foreign Exchange Market (NFEM), the official window. According to early morning data, the exchange rate was trading at about 1,426.67 NGN to one USD. This comes after a closing rate of roughly 1,424.50 NGN was noted on January 13 in the previous session.
Although the Central Bank of Nigeria (CBN) has worked to increase liquidity, market analysts point out that there is still a significant demand for the dollar for debt servicing and international trade. Depending on the volume of trade executions and interventions during the afternoon, the official “closing rate” for today is anticipated to settle between 1,420 and 1,430 NGN.
BrandSpur banking and finance news desk reports that the Naira moved at a larger margin in the unofficial or parallel market, also known as the “black market.” The dollar is being bought at 1,465 NGN and sold at 1,475 NGN, according to reports from Bureau De Change (BDC) operators in major hubs like Lagos (Ikeja and Broad Street), Abuja (Wuse Zone 4), and Kano.
The “FX gap,” or the difference between the official and parallel markets, is currently about 50 Naira. Even though this disparity has greatly decreased from prior years, it still fuels speculation among small enterprises and individuals looking for easy access to foreign exchange.
