The Naira sustained its strong performance against the United States Dollar on the final trading day of January 2026.
The local currency remained stable around the key 1,390 support level in the official market. This stability stemmed from ongoing liquidity interventions by the Central Bank of Nigeria and growing confidence among investors.
In the Nigerian Foreign Exchange Market, trading began robustly at approximately 1,388.07 per dollar. Minor adjustments occurred early on Friday morning due to end-of-month corporate requirements. By mid-morning, the rate had settled at 1,391.00 per dollar.
This consistent level built on the previous week’s progress, when the Naira broke through the 1,400 psychological mark. Analysts credited the currency’s strength to the Central Bank of Nigeria’s regular application of the Electronic Foreign Exchange Matching System and a rise in external reserves. Greater transparency from these mechanisms narrowed the bid-ask spread, creating a more reliable setting for importers and exporters.
The parallel market echoed the official window’s steadiness, though it maintained its customary premium. Bureau De Change operators in key cities including Lagos, Abuja, and Kano quoted the dollar between 1,460 and 1,475.
Unlike typical end-of-month patterns, no sharp volatility emerged in the informal sector. Traders noted sufficient dollar availability to cover retail demands like personal travel and minor business needs. The lack of speculative stockpiling helped anchor the rate in this band, easing pressure on everyday consumers and small enterprises.
**Summary of Rates for January 30**
The NFEM official opening rate stood at 1,388.07 per dollar, with the current trading average at 1,391.00. Meanwhile, the parallel market average across major hubs remains around 1,467.
Market watchers expressed optimism as trading neared its weekend close. They anticipated the Naira carrying forward this positive trend into February, supported by moderating inflation, a positive balance of payments position, and proactive oversight from the central bank.
