The Nigerian Naira maintained its constructive momentum towards the USA Greenback in the course of the mid-week buying and selling session on Wednesday, January 28, 2026. The native forex reached a major milestone within the official market, persevering with the pattern of appreciation noticed for the reason that starting of the week.
Official Market Efficiency
Within the Nigerian International Change Market (NFEM), the Naira strengthened to a file degree, with the alternate fee settling at roughly 1,400.66 per greenback. This adopted a earlier session the place the forex had already made substantial positive factors, closing at 1,401.22.
Buying and selling knowledge from the early hours of Wednesday confirmed that market individuals positioned bids as little as 1,400 per greenback, reflecting elevated confidence within the Central Financial institution of Nigeria’s (CBN) present financial coverage. The appreciation is essentially attributed to the introduction of the Digital International Change Matching System (EFEMS), which has enhanced transparency and improved liquidity within the official window. Moreover, Nigeria’s exterior reserves, which lately climbed to over 46 billion {dollars}, proceed to offer a strong buffer for the native forex.
Parallel Market Realities
Regardless of the speedy positive factors within the official sector, the parallel market, generally known as the black market, confirmed a extra measured response. In main business hubs like Lagos and Abuja, the greenback remained comparatively secure, buying and selling inside a variety of 1,480 to 1,485.
Whereas the hole between the official and parallel charges persists, analysts observe that the “premium” has narrowed considerably in comparison with the volatility skilled in late 2025. Bureau De Change operators report that retail demand is regular, however the absence of panic shopping for has helped hold the casual fee from spiking alongside the official market’s motion.
Abstract of Charges for January 28
- NFEM (Official) Opening: 1,408.17
- NFEM (Official) Present: 1,400.66
- Parallel Market Common: 1,485
The mid-week efficiency of the Naira aligns with projections from the Nigerian Financial Summit Group (NESG) and different monetary consultants who anticipate the forex will commerce throughout the 1,400 to 1,500 vary for a lot of 2026. Because the market appears to be like towards the top of the month, the sustained liquidity within the official window stays the first driver of the Naira’s resilience.
The publish Dollar to Naira exchange rate today, January 28, 2026 appeared first on Vanguard News.
