The Nigerian Naira maintained its steady momentum against the United States Dollar in the early hours of Thursday, January 29, 2026. Following a week of significant gains in the official window, the local currency continues to benefit from increased liquidity and the central bank’s refined price discovery mechanisms.

Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the Naira opened the trading session at approximately 1,395.09 per dollar. As of the mid-morning session, the rate saw minor fluctuations, settling at 1,396.98 per dollar.

This performance marks a continuation of the bullish trend observed over the last 48 hours, where the official rate successfully dipped below the 1,400 threshold. The appreciation is largely supported by the Central Bank of Nigeria’s (CBN) recent policy successes, including the robust performance of the Electronic Foreign Exchange Matching System (EFEMS) and a notable rise in external reserves. Market analysts suggest that the clearing of historic FX backlogs has significantly boosted investor confidence, leading to a more stable and predictable trading environment.

Parallel Market Performance
The parallel market, often used for retail and immediate cash transactions, has shown a more cautious response to the official market’s gains. In major commercial hubs like Lagos, Abuja, and Kano, the dollar is currently trading within a range of 1,468 to 1,480.

While the gap between the official and parallel rates remains, the premium has contracted significantly compared to early January figures. Bureau De Change operators report that while retail demand for personal travel and small-scale imports remains present, there is a notable absence of speculative pressure. The relative stability of the informal rate today suggests that the market is beginning to find a sustainable floor as the first month of the year draws to a close.

Summary of Trading Rates
NFEM (Official) Opening: 1,395.09
NFEM (Official) Current: 1,396.98
Parallel Market Range: 1,468 – 1,480
The overall outlook for the Naira remains positive for the remainder of the week. Financial experts anticipate that if crude oil production levels remain steady and the CBN maintains its current intervention strategy, the Naira could consolidate its gains near the 1,390 – 1,400 range. Investors are keeping a close eye on the week’s closing figures, which will set the tone for the currency’s performance in February.

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