Dollar Crashes as New Exchange Rate Emerges Today
Dollar Crashes as New Exchange Rate Emerges Today
On Tuesday, January 27, 2026, the Nigerian Naira showed stability against the United States Dollar during early trading. This follows a week of consistent performance, with the local currency benefiting from a transparent price discovery mechanism in the official market and a relatively calm informal market.Newspapers
In the Nigerian Foreign Exchange Market (NFEM), the Naira began the trading session with a slight gain, opening at approximately 1,412.00 per dollar after closing at 1,413.41 the previous day. This represents a marginal appreciation of 0.10 percent.
Throughout the trading day, the dollar fluctuated within a narrow range, peaking at 1,419.68 before settling back around the 1,412.50 mark. Market analysts have noted that the central bank’s recent initiatives to enhance liquidity and address corporate demand appear to be effectively reducing the extreme volatility that has characterized earlier trading sessions.
The parallel market, or “black market,” also remains stable, with the exchange rate holding steady across major commercial centers. In Lagos, Abuja, and Kano, Bureau De Change operators are quoting the dollar between 1,475 and 1,485.
While the gap between the official NFEM rate and the parallel market persists, the premium remains considerably lower than the peaks seen in late 2025. Traders note that retail demand for foreign currency—typically driven by individual travel and small-scale imports—is being adequately serviced by current supply levels, preventing any significant pressure on the informal rate today.
NFEM (Official) Opening: 1,413.12
NFEM (Official) Current: 1,412.00
Parallel Market Range: 1,475 – 1,485
The continued convergence of rates is seen as a positive indicator for the Nigerian economy as it heads into the final days of January. Investors are particularly focused on the stability of the Naira as a sign of the success of ongoing monetary policy reforms, which aim to foster a more predictable environment for foreign direct investment.
