The Nigerian Naira remained largely stable against the United States Dollar in early trading on Friday, January 16, 2026, sustaining its position across both the official foreign exchange market and the parallel market.

Figures from the Nigerian Foreign Exchange Market (NFEM) show that the Naira opened at about ₦1,422.75 to the dollar, marking a mild appreciation from the previous day’s closing rate of ₦1,424.57. Trading during the morning session stayed within a tight range, with the exchange rate peaking at ₦1,424.32 and dipping to a low of ₦1,421.05.

Market watchers attribute the steady performance to continued support measures by the Central Bank of Nigeria (CBN) alongside improved liquidity in the banking system. The average exchange rate for the week has hovered around ₦1,420, pointing to a phase of consolidation after the volatility that characterised the closing months of 2025.

In the parallel market, the Naira traded between ₦1,465 and ₦1,475 per dollar. Although the difference between official and unofficial rates remains, the gap has narrowed compared to previous periods. Operators at Bureau De Change outlets in Lagos and Abuja said demand for the dollar has been moderate, as more corporate players are now able to source foreign exchange through official windows.

The relative calm in the foreign exchange market comes against the backdrop of easing inflation and a gradual increase in Nigeria’s foreign reserves, giving the monetary authorities some leverage to defend the currency. Still, traders remain cautious, keeping a close watch on global oil prices and Nigeria’s upcoming debt obligations, which could shape dollar demand in the near term.