The naira began the second week of January 2026 on a mixed note against the United States dollar, as traders responded to shifting liquidity conditions across both official and informal foreign exchange markets.

Currency market activity reflected cautious optimism, with participants closely observing supply availability and demand pressures as businesses gradually returned to full-scale operations for the new year.

At the Nigerian Foreign Exchange Market, the naira maintained relative stability against the dollar during early trading hours on Monday.

Available market data indicated that the local currency opened trading at approximately ₦1,426.69 to the dollar before appreciating slightly to about ₦1,423.82 by midday.

The marginal appreciation represented a gain of around 0.20 per cent and was attributed to the Central Bank of Nigeria’s ongoing efforts to enhance pricing transparency within the official foreign exchange window.

Market analysts noted that daily transaction volumes will be carefully tracked in the coming days to gauge the extent of corporate demand for foreign currency in January.

In contrast, the naira traded at weaker levels in the parallel market when compared to the official exchange window.

Currency dealers operating in Lagos and Abuja quoted the dollar at rates ranging between ₦1,475 and ₦1,490, pointing to sustained demand from retail and small-scale users.

The persistent price differential between the official and parallel markets continues to attract scrutiny from analysts assessing liquidity access and overall market confidence.

While the official market remains the primary channel for large-volume transactions, the parallel market continues to serve the needs of smaller buyers unable to access the formal system.

Current exchange rate stability has been linked to improved oil revenue inflows and the Central Bank of Nigeria’s continued tight monetary policy stance.

However, analysts caution that new import orders expected in the first quarter of the year could heighten demand pressures on the naira in the weeks ahead.

Market observers also expect forthcoming policy signals from financial authorities to play a significant role in determining currency movement as economic activity gains momentum.