As the final trading session of January 2026 began, the Nigerian Naira continued to fare well versus the US dollar. The local currency continues to hover around the key 1,390 support level in the official window, demonstrating the positive impact of continuous liquidity measures and improving investor optimism.
Official Trends in the Market
The Naira had a solid start to the trading day at the Nigerian Foreign Exchange Market (NFEM), opening at about 1,388.07 per dollar. The rate fluctuated somewhat during Friday’s early morning session as market players adapted to corporate requests at the end of the month. The exchange rate settled at 1,391.00 per dollar by the middle of the morning.
This stable valuation comes after the Naira broke through the psychological barrier of 1,400 during a week of increases. The Central Bank of Nigeria’s (CBN) regular usage of the Electronic Foreign Exchange Matching System (EFEMS) and a significant rise in the nation’s foreign reserves are credited by financial analysts with this resilience. The openness afforded by these technologies has greatly reduced the bid-ask spread, encouraging a more predictable market for importers and exporters alike.
Concurrent Market Conditions
Although it still trades at a customary premium, the parallel market, often known as the informal sector, has replicated the stability observed in the official marketplace. Bureau De Change operators claimed that the dollar was trading between 1,460 and 1,475 in major economic hubs like Lagos, Abuja, and Kano.
The parallel market has not experienced the erratic increases that are frequently connected with the end of the month, notwithstanding the gap. The supply of dollars, according to traders, is still sufficient to cover retail demands, including small-scale business needs and personal travel allowances. Customers and small business owners feel relieved that the informal rate has remained within this range due to the lack of speculative stockpiling.
Rate Summary for January 30
The current trading average is 1,391.00, while the NFEM’s official opening rate was 1,388.07 per dollar. Meanwhile, the parallel market average across major hubs remains around 1,467.
Observers are hopeful that the Naira will maintain this trend into February as the market gets ready to close for the weekend. The local currency’s value in relation to the US dollar is nevertheless supported by a number of factors, including declining inflation, a balance of payments surplus, and the central bank’s proactive management.
