Relative calm prevailed in Nigeria’s foreign exchange market during early trading on Tuesday, January 6, 2026, as the naira maintained a largely stable position against the United States dollar at both the official and parallel market segments.
Figures from the Nigerian Foreign Exchange Market (NFEM) showed only marginal movements, with the naira exchanging at about ₦1,431.47 to the dollar at the official window. The rate reflects a mild improvement from levels recorded in the opening days of the year, when the currency traded close to the ₦1,440 range.
At the parallel market, also known as the black market, the naira continued to trade at a weaker level. Bureau De Change operators in key cities such as Lagos, Abuja and Kano quoted rates ranging between ₦1,495 and ₦1,510 per dollar, underscoring the persistent spread between the official and informal markets.
The divergence between the two markets remains under close watch by investors and policymakers, particularly as the Central Bank of Nigeria (CBN) intensifies efforts to deepen liquidity and promote effective price discovery in the foreign exchange system.
Analysts attribute the current stability to a balance between dollar demand—driven by school fees payments and seasonal import activities—and supply-side support from CBN interventions and improved foreign portfolio inflows.
However, despite the modest strengthening at the official window, concerns remain over the impact of exchange rate movements on the cost of living, as prices of imported goods and services continue to respond sensitively to currency volatility.