Jubilation As Dollar To Naira Crashes Again

THE naira appreciated to N1,400.47 against a dollar at the official section of the foreign exchange (FX) market on Wednesday.

Data from the Nigerian foreign exchange market (NFEM) — the country’s official market — showed that the currency gained N0.75 or 0.05 percent from the N1,401.22 per dollar recorded on January 27.

The last time the exchange rate hit the N1,400 level was in May 2024.

The latest value represents the currency’s strongest performance since the Central Bank of Nigeria (CBN) introduced the electronic foreign exchange matching system (EFEMS).

According to the official market data, the local currency sustained its rally from N1,418.95 on January 26, and N1,401.22 recorded on January 27.

At the parallel section of the market, the naira also appreciated to N1,470 per dollar — marking the strongest level since December 1, 2025.

Holding steady from last week, the naira exchanged for N1,490 per dollar on January 26, remaining so until January 27, before appreciating to N1,470 per dollar on January 28.

In his New Year message, President Bola Tinubu said Nigeria’s foreign reserves have cushioned the naira against external shocks and are expected to improve further in 2026.

“We expect this position to strengthen further in the new year,” he had said.

Nigeria’s FX reserves rose to $46 billion on January 22, representing the highest figure in about eight years.

While the gap between the official and parallel rates remains, the premium has contracted significantly compared to early January figures. Bureau De Change operators report that while retail demand for personal travel and small-scale imports remains present, there is a notable absence of speculative pressure. The relative stability of the informal rate today suggests that the market is beginning to find a sustainable floor as the first month of the year draws to a close.

Summary of Trading Rates
NFEM (Official) Opening: 1,395.09
NFEM (Official) Current: 1,396.98
Parallel Market Range: 1,468 – 1,480.

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The overall outlook for the Naira remains positive for the remainder of the week. Financial experts anticipate that if crude oil production levels remain steady and the CBN maintains its current intervention strategy, the Naira could consolidate its gains near the 1,390 – 1,400 range. Investors are keeping a close eye on the week’s closing figures, which will set the tone for the currency’s performance in February.