Naira to Dollar official/black market rates today, Thursday, January 29, 2026

The Nigerian Naira held its ground against the United States Dollar on Thursday, January 29, 2026, opening the trading session at around ₦1,395.09 per dollar.

Building on a week of gains in the official foreign exchange market, the local currency continues to benefit from improved liquidity and strategic interventions by the Central Bank of Nigeria (CBN).

Official Market Movements

Trading in the Nigerian Foreign Exchange Market (NFEM) saw minor fluctuations, settling at ₦1,396.98 per dollar by mid-morning.

This marks a continuation of the recent bullish trend, which saw the official rate fall below the ₦1,400 mark for the first time in weeks.

Analysts say the recovery is driven by the CBN’s Electronic Foreign Exchange Matching System (EFEMS), which has helped clear FX backlogs and strengthen investor confidence.

Rising foreign reserves have further reinforced stability, offering traders a more predictable environment.

Parallel Market Trends

In the parallel market, used primarily for cash transactions, the dollar is trading between ₦1,468 and ₦1,480 in major cities such as Lagos, Abuja, and Kano.

While the gap between official and informal rates remains, the premium has narrowed compared to early January.

Bureau De Change (BDC) operators report that retail demand from travel and small-scale imports continues, but speculative trading has slowed.

Market watchers say this points to a gradual stabilisation in the informal FX market.

Market Summary

Official Opening Rate (NFEM): ₦1,395.09

Official Current Rate (NFEM): ₦1,396.98

Parallel Market Range: ₦1,468 – ₦1,480

Looking ahead, economists remain positive about the Naira’s trajectory. If crude oil production remains steady and the CBN sustains its intervention strategy, the currency could hold firm around ₦1,390 – ₦1,400.

Investors are closely monitoring week-end figures, which could set the tone for February’s trading.