The naira extended its gains against the US dollar on Wednesday, January 28, 2026, strengthening to about ₦1,400.66 at the Nigerian Foreign Exchange Market. The appreciation followed an earlier close at ₦1,401.22, with bids as low as ₦1,400 reflecting improved market confidence.
In contrast, the parallel market remained relatively stable, with the dollar trading between ₦1,480 and ₦1,485 in Lagos and Abuja. Analysts say the “premium” between both markets has narrowed, aided by EFEMS reforms, steady liquidity, and external reserves exceeding $46 billion.