Naira Reverses Gain at Black Market, Steady at Official Window on Jan 19

The naira weakened against the U.S. dollar on Monday, January 19, in the parallel market, reversing the gains recorded on Friday, while remaining stable at the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,485/$1 for buying and ₦1,495/$1 for selling in the parallel market, down from the ₦1,490/$1 rate recorded the previous trading session.

At the official window, the local currency remained unchanged, closing at ₦1,417/$1, the same as the weekend closing rate.

Analysts remain optimistic about the naira’s outlook in 2026, projecting further strengthening as the currency is expected to trade within a narrower and firmer range.

They attribute the positive outlook to improving foreign exchange fundamentals, higher FX inflows, reduced speculative pressures and enhanced price discovery. Clearer pricing mechanisms and improved transparency, analysts added, have helped restore confidence among foreign investors and exporters, boosting FX liquidity and supporting naira stability.