The Nigerian Naira maintained its steady momentum against major foreign currencies in the early hours of Thursday, January 29, 2026, extending the gains recorded earlier in the week. Improved liquidity and refined price discovery mechanisms continue to support stability across both official and parallel markets.
At the Nigerian Foreign Exchange Market (NFEM), the Naira opened at ₦1,395.09 per U.S. Dollar and settled around ₦1,396.98 by mid-morning, remaining comfortably below the ₦1,400 threshold. The performance reflects sustained confidence following recent policy measures by the Central Bank of Nigeria (CBN), including the effective use of the Electronic Foreign Exchange Matching System (EFEMS), improved external reserves, and the clearing of FX backlogs.
Against the British Pound Sterling, the Naira experienced mild volatility. The Pound opened at ₦1,927.89, dipped to ₦1,924.94, and recovered to about ₦1,933.41 by mid-morning, representing a modest 0.28 percent increase. Analysts note that while the Naira has strengthened against the Dollar, the Pound–Naira pair remains sensitive to global market conditions.
In the parallel/black market, the Dollar traded within ₦1,468 to ₦1,480 across Lagos, Abuja, and Kano, with the premium over the official rate continuing to narrow. Demand remains driven by travel and small-scale imports, with minimal speculative pressure.
BrandSpur banking and finance news desk reports that the British Pound in the black market was quoted between ₦2,015 and ₦2,030. Bureau De Change operators attribute demand mainly to school fees and personal travel, noting that subdued speculation has helped keep rates stable.
Overall, the narrowing spreads and reduced volatility indicate that the foreign exchange market is moving toward a more sustainable balance as January draws to a close.
