Official Market Trends
In the Nigerian Foreign Exchange Market (NFEM), the Naira showed significant lstrength during the early trading session on Monday, January 26. The currency opened at a stronger position compared to last week’s close, with the exchange rate settling at approximately 1,413.41 per dollar.
Parallel Market Performance
The parallel market, also known as the black market, has mirrored the stability seen in the official window. In major currency hubs like Lagos, Abuja, and Kano, the dollar is currently trading within a range of 1,475 to 1,490.
While the parallel market still maintains a premium, the gap between the two windows remains relatively narrow compared to historical highs. Bureau De Change operators report that retail demand for personal travel and small-scale business transactions is being met by available supply, which has prevented any significant speculative spikes in the early hours of today’s trading.
Market Outlook and Summary
- NFEM (Official) Current: 1,413.41
- Parallel Market Range: 1,475 – 1,490
- Key Drivers: Improved liquidity, sustained oil revenues, and transparent price discovery.