Naira Gains Against Dollar at ₦1,396/$1 at Official Window on Jan 29

The naira continued its appreciation against the U.S. dollar on Thursday, January 29, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).

Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,450/$1 for buying and ₦1,460/$1 for selling, improving from ₦1,475/$1 recorded the previous day.

A dealer said, “Market demand for dollars is low, which is why the naira performed better and expects the local currency to strengthen further in the following week”.

At the official window, the naira strengthened to ₦1,396/$1 from ₦1,400/$1 on Wednesday, gaining ₦4.33 and extending its rally since Monday.

Analysts 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.