The naira closed January 2026 stronger at ₦1,386.55/$ in the official market, buoyed by improved FX inflows despite lingering demand pressures in the parallel market.
The naira strengthened against the United States dollar in the official Nigerian foreign exchange market in the final week of January 2026, closing the month at ₦1,386.55/$, according to Central Bank of Nigeria data. The rate improved from ₦1,422.07/$ recorded on January 23, representing a 2.47 per cent appreciation and marking a steady upward trend from January 26.
Analysts attributed the gains to improved foreign exchange liquidity and stable oil receipts, with Cowry Assets noting, “The naira is expected to maintain moderate gains, supported by steady oil receipts, stronger non-oil inflows, and a trade surplus.” However, Bloomberg quoted Abubakar Muhammed as saying, “Individuals are converting naira to dollars to secure their assets,” a concern echoed by Bismarck Rewane.