Naira Appreciates Against Dollar Across Markets on Jan 26

The naira appreciated against the U.S. dollar on Monday, January 26, in both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,480/$1 for buying and ₦1,490/$1 for selling, unchanged from Friday’s closing rate.

At the official window, the naira also strengthened to ₦1,418/$1 from ₦1,421/$1 exchanged on Friday, recording a N3.33 profit.

Analysts, however, project further strengthening of the naira in 2026, with the currency expected to trade within a narrower and firmer range, supported by improving foreign exchange fundamentals, higher FX inflows, reduced speculative pressures, and enhanced price discovery.

They added that clearer pricing mechanisms and improved transparency have helped restore investor confidence, boost FX liquidity, and support naira stability.