Naira Gains in Black Market, Slides at Official Window on Jan 9

The naira strengthened against the U.S. dollar on Friday, January 9, in the parallel market, but weakened slightly 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, improving from the ₦1,500/$1 rate recorded the previous day.

At the official window, the local currency depreciated marginally, closing at ₦1,423/$1 compared with ₦1,419/$1 traded on Thursday.

Analysts, however, 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 in the forex market. Clearer pricing mechanisms and improved transparency, analysts added, have helped restore confidence among foreign investors and exporters, boosting FX liquidity and supporting naira stability.