The Nigerian naira recorded gains against the United States dollar on Wednesday, appreciating in both the official and parallel foreign exchange markets.

At the Nigerian Foreign Exchange Market (NFEM), the naira strengthened to N1,369 per dollar, improving from N1,376/$ recorded on Tuesday, according to data released by the Central Bank of Nigeria (CBN).

The development represents a N7 appreciation in the official exchange rate.

In the parallel market, the local currency also appreciated, trading at N1,385 per dollar, compared to N1,390/$ on Tuesday.

Despite the gains in both markets, the exchange rate gap between the official and parallel markets widened slightly to N16 per dollar, up from N14 recorded the previous day.

Meanwhile, trading activity at the official foreign exchange market declined significantly, with interbank turnover dropping by 66.5 per cent to N90.3 million, down from N269.9 million recorded on Tuesday.

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Africa’s richest industrialist, Aliko Dangote, has projected that the naira could strengthen to about N1,100 to the dollar before the end of the year if Nigeria accelerates efforts to curb imports and expand domestic production.

Dangote made the projection during the unveiling of the country’s new industrial policy, stressing that protecting local industries remains a critical gap in Nigeria’s industrialisation strategy.

He warned that heavy reliance on imported goods continues to weaken domestic manufacturers, urging the government to implement policies that prioritise local production and support indigenous businesses.

The industrialist also identified electricity supply as a major obstacle to growth in the manufacturing sector. He advised Vice President Kashim Shettima to convene a national forum to address the country’s persistent power challenges.

According to him, the unstable power situation is slowing industrial activity and limiting the expansion of factories nationwide.

Meanwhile, Shettima disclosed that the Federal Government received about ₦900 billion in taxes from Dangote Cement in 2025, expressing confidence that the new industrial policy would boost production and increase national revenue.

He noted that the company’s tax contribution demonstrates the potential of a strong industrial base to support government finances and reduce reliance on volatile revenue sources.

The Vice President added that the new policy aims to shift Nigeria from exporting raw materials to producing finished goods locally, a move expected to strengthen the manufacturing sector, create jobs, and retain more value within the economy.

He emphasised that the policy’s implementation framework sets it apart from previous initiatives, with a stronger focus on execution to deliver measurable results and long-term industrial growth.

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The Nigerian naira appreciated to N1,450 per US dollar in the parallel market on Wednesday, up from N1,455 per dollar recorded on Tuesday. This rise marks the third consecutive day of gains for the currency in the official foreign exchange market.

Data from the Central Bank of Nigeria (CBN) showed that the naira strengthened to N1,359/$ at the official Nigerian Foreign Exchange Market (NFEM), rising from N1,367/$ previously. The N8 appreciation highlights a positive trend for the domestic currency.

The widening gap between the parallel and official market rates has increased to N91 per dollar, up from N88 per dollar, reflecting both market dynamics and investor sentiment. Analysts attribute the gains to improved forex inflows, growing investor confidence, and the CBN’s interventions in the currency market.

Economists say that sustained naira appreciation could reduce inflationary pressures and support economic stability, but caution that market volatility remains a factor. The CBN continues to monitor both official and parallel market trends to ensure currency stability while promoting growth in Nigeria’s economy.

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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

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The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, says the bank’s ongoing reforms are designed to stabilise the economy, rebuild investor confidence, and reduce inflation to single digits in the medium term.

Speaking during a fireside chat at his inaugural lecture at the Lagos Business School, themed “Next Generation Leadership in Monetary Policy and Nation Building,” Cardoso said credibility, transparency, and policy consistency were central to the CBN’s success so far.

“When I assumed office two years ago, the foreign exchange market was in crisis. Through bold and transparent reforms, we restored sanity and investor confidence,” he said.

Cardoso highlighted key achievements including clearing a verified foreign exchange backlog of over $7 billion, publishing the CBN’s financial statements after years of suspension, and adopting electronic systems to eliminate sharp practices in FX transactions.

He noted that under his leadership, Nigeria’s external reserves rose above $42 billion, while inflation once near 35% has moderated to about 20%. Real GDP, he added, expanded by 4.2% in the second quarter of 2025.

On financial inclusion, the CBN expanded mobile and agency banking coverage from 56% in 2020 to 64% in 2025, and began recapitalising banks to build a stronger, more resilient financial system.

Cardoso emphasised that credibility remains the foundation of monetary policy: “People invest where there is integrity, transparency, and trust. That is what we are rebuilding.”

He urged Nigerian youths to embrace credibility and innovation, describing them as the nation’s greatest asset for future development.

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The surge represents a 62% increase from the $3.67 billion recorded in April 2025, and it has positively impacted the naira, which appreciated to ₦1,539 per US dollar on official trading platforms.

The latest figures reveal that domestic sources dominated the inflow profile, contributing 83.2% of total funds. Domestic forex inflows rose by 64.2%, moving from $3.02 billion in April to $4.96 billion in May, the highest monthly contribution since 2019.

Foreign sources also showed strong performance, with inflows climbing by 51.7% from $657.4 million to $997.6 million — marking a three-month high. This growth signals increased investor confidence and the effect of recent policy adjustments aimed at improving transparency and liquidity in the Nigerian Foreign Exchange Market (NFEM).

Analysts attribute the rise in foreign exchange inflows to a combination of factors, including improved remittance channels, foreign portfolio investment inflows, and robust activities in the oil and non-oil sectors.

The Central Bank of Nigeria (CBN) is expected to continue monitoring the momentum as it works toward long-term currency stability, curbing inflation, and enhancing Nigeria’s balance of payments position.

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In its latest report, Staying the Course: Progress Amid Pressing Challenges, the World Bank underscored the importance of addressing the hardships facing citizens by expanding employment, especially for young people. Ndiame Diop, the World Bank’s Country Director for Nigeria, praised the government’s willingness to undertake difficult reforms but emphasized the urgent need for job opportunities to prevent further social and economic instability. Diop noted that if such reforms had not been implemented, Nigeria would have faced a severe fiscal crisis, further threatening the government’s ability to meet its commitments to the public. However, he highlighted that expanding youth employment is crucial to help citizens cope with decreased purchasing power and rising costs.

The World Bank also called on the Central Bank of Nigeria (CBN) to shift its approach to foreign exchange management. Recently, CBN carried out an $876.26 million retail Dutch auction to stabilize the naira, aiming to enhance liquidity and ease pressure on the FX market. Yet, the World Bank recommended that the CBN refrain from ad-hoc auctions and move towards a unified, transparent exchange rate system, allowing for greater market flexibility and consistency.

Such an approach, according to the report, could strengthen Nigeria’s FX market by encouraging formal remittance flows and centralizing foreign exchange transactions. By focusing on employment for young Nigerians and adopting a stable FX strategy, the World Bank believes Nigeria can better support its citizens through economic recovery and foster long-term stability.

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He argues that such actions, instead of addressing the underlying issues, will exacerbate the already critical exchange rate situation in the country.

Expressing his concerns on his verified Facebook page, Obi highlighted the integral role played by BDCs in every economy, even in developed nations.

He emphasized that blaming BDCs for the depreciation of the Naira is shortsighted and ignores broader economic realities.

Obi stressed that to stabilize the currency’s value, Nigeria must transition from a consumption-based economy to one driven by production, particularly export-oriented production.

READ ALSO: Stop Using Forex Crisis As Excuse To Inflate Cement Prices, Housing Minister Warns Cement Manufacturers

Additionally, he underscored the importance of combating corruption, which fuels the demand for foreign currency by enabling the circulation of unproductive funds.

He cautioned government authorities against misconceptions about the function of BDCs and urged them to align their strategies with the principles of modern economic dynamics.

READ ALSO: CBN Discovers Forex Market Infractions, Vows Sanctions Against Abusers

Obi’s remarks come amid growing concerns about Nigeria’s economic stability and the effectiveness of government measures to address currency depreciation and forex shortages.

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