Dollar to Naira exchange rate today, January 8, 2026

The Nigerian Naira maintained a stable trajectory across both official and parallel markets on Thursday as the Central Bank of Nigeria (CBN) pushes forward with its aggressive foreign exchange reforms for the 2026 fiscal year.

Official Market (NFEM)

Trading opened with the Naira holding firm at the Nigerian Foreign Exchange Market (NFEM).

Figures from the FMDQ Securities Exchange show the spot rate standing at ₦1,427.52 per US Dollar, reflecting a relatively tight band when compared to the final trading sessions of 2025.

The consistency in market movement suggests that recent CBN measures focused on boosting transparency and deepening liquidity are gradually stabilising the FX environment.

Analysts note that the apex bank’s projection of raising Nigeria’s external reserves to $51.04 billion by year-end, supported by increased oil revenue and sustained diaspora inflows, has contributed to the calmer market conditions.

Parallel Market (Black Market)

In the informal market, the Naira is trading slightly higher but continues to move within a controlled range.

Rates from Bureau de Change (BDC) operators in major hubs such as Lagos and Abuja place the Dollar between ₦1,435 and ₦1,440.

The difference between the official and black-market rates has compressed significantly over the past year, an outcome aligned with the government’s forex strategy to curb speculation, discourage hoarding, and improve access to legitimate FX channels.