Naira to Dollar Exchange Rate Today – Official ₦1,422.75, Parallel ₦1,465–₦1,475
The Nigerian Naira maintained a steady performance against the United States Dollar on Friday, January 16, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel (black) market. The stability is attributed to proactive Central Bank of Nigeria (CBN) interventions and improved banking liquidity.
Official Market Performance
Data from the NFEM shows the official exchange rate opening at ₦1,422.75 per USD, a slight appreciation from Thursday’s close of ₦1,424.57. During morning trading, the Naira fluctuated in a narrow band, with a high of ₦1,424.32 and a low of ₦1,421.05. Analysts suggest that this period of consolidation follows volatility in late 2025 and reflects effective CBN monetary policies.
Parallel Market Trends
In the parallel market, the Naira is trading between ₦1,465 and ₦1,475 per USD. The gap between official and parallel rates, known as the arbitrage gap, has narrowed compared to previous years. Bureau de Change operators in Lagos and Abuja report moderate dollar demand, as many businesses now access foreign exchange through official channels.
Economic Outlook
The stability of the Naira comes amid cooling inflation and a steady rise in Nigeria’s foreign exchange reserves, providing the CBN with buffers to defend the currency. However, market watchers remain cautious, keeping an eye on global oil price fluctuations and upcoming sovereign debt obligations, which could impact the Naira’s trajectory in the coming weeks.
Key Highlights
- Official Rate: ₦1,422.75/USD
- Parallel Market Rate: ₦1,465–₦1,475/USD
- Supporting Factors: CBN interventions, improved banking liquidity, cooling inflation, rising FX reserves
Risks: Global oil price volatility, upcoming sovereign debt obligations
