Dollar to Naira exchange rate today, January 22, 2026

The Nigerian Naira displayed a slight softening in the early trading hours of Thursday, January 22, 2026, as the foreign exchange market navigated the typical mid-week liquidity demands. While the currency remains within the stable range established throughout the month, small shifts in both the official and informal sectors reflect the ongoing price discovery process.

Official Market Trends

At the Nigerian Foreign Exchange Market (NFEM), the Naira opened the day at 1,419.37 per dollar. By the mid-morning session, the rate adjusted slightly, with the dollar trading at approximately 1,421.33. This marginal depreciation of roughly 0.14 percent follows a period of notable gains earlier in the week.

The current movement suggests a minor correction as market participants balance corporate demand with the available supply from the Central Bank of Nigeria (CBN). Despite this slight intraday dip, analysts note that the official rate continues to hover safely around the 1,420 benchmark, supported by the country’s improved foreign reserve position and consistent crude oil export revenues.

Parallel Market Performance

In the parallel market, the exchange rate showed a similar trend of minor adjustments. Currency dealers in major economic centers like Lagos and Abuja reported the dollar trading between 1,482 and 1,495. This reflects a slight increase from the previous day’s average, as retail demand for foreign currency remains steady.

The premium between the NFEM and the black market remains relatively narrow, a sign that the government’s efforts to harmonize the exchange rates are largely holding. Traders indicate that while supply is available, the slight uptick in the parallel rate is largely due to increased small-scale importer activity as businesses restock for the first quarter.

Summary of Rates

The opening rate for the day was 1,419.37 per dollar at the NFEM, with the current trading average sitting at 1,421.33. In the informal sector, the average rate across major hubs remains around 1,488.

Looking ahead, the market will be focused on the closing figures of the week to determine if the Naira will regain its footing below the 1,420 mark. With inflation forecasts for 2026 trending downward and a positive balance of payments, the broader outlook for the local currency remains resilient in the face of temporary market fluctuations.

culled from vanguard