Naira to Dollar official & black market rates today, Thursday, January 8, 2026

The Nigerian Naira traded around N1,427.52 per US dollar at the official window on Thursday, showing continued stability as the Central Bank of Nigeria CBN sustains its reform drive in early 2026.

The currency’s calm performance reflects cautious optimism among traders, supported by tighter regulation and improved transparency in the foreign exchange market.

Official Market Performance

At the Nigerian Foreign Exchange Market, data from FMDQ Securities Exchange showed the naira opening steady near N1,427.52 to the dollar.

The rate represents a narrow movement compared with late 2025, suggesting the central bank’s liquidity and transparency measures are gaining traction.

Analysts link the stability to CBN projections that Nigeria’s external reserves could reach $51.04 billion by the end of 2026.

They say higher oil receipts and stronger diaspora remittances are supporting confidence in the local currency.

Parallel Market Trends

At the parallel market, the naira traded slightly weaker but remained within a stable band during early dealings.

Bureau de Change operators in Lagos and Abuja quoted the dollar between N1,435 and N1,440.

The difference between official and informal rates has narrowed significantly over the past year.

This alignment supports the government’s goal of discouraging speculation and redirecting demand to formal banking channels.

Market Drivers and Outlook

Market observers point to rising reserves as a key psychological boost for the naira.

They also cite expanding domestic refining, led by the Dangote Refinery, which is reducing foreign exchange demand for fuel imports.

Investor sentiment has further improved under the CBN’s “Consolidating Macroeconomic Stability” framework.

The policy targets headline inflation of about 12.94 percent by year end, reinforcing cautious optimism in the currency market.