Dollar to Naira exchange rate today, January 29, 2026

The Nigerian Naira sustained its firm performance against the United States Dollar in early trading on Thursday, January 29, 2026. Building on a week of strong appreciation at the official market, the local currency continues to draw support from improved dollar supply and enhanced price discovery measures introduced by the monetary authorities.

 Official Market Developments

At the Nigerian Foreign Exchange Market (NFEM), the Naira started the day at about ₦1,395.09 to the dollar. By mid-morning, the exchange rate experienced slight movements, easing to around ₦1,396.98 per dollar.

This outcome extends the positive trend recorded over the past two days, during which the official rate moved below the ₦1,400 mark. Analysts attribute the sustained strength to the Central Bank of Nigeria’s (CBN) recent policy interventions, particularly the effective operation of the Electronic Foreign Exchange Matching System (EFEMS) and the growth in external reserves.

The resolution of long-standing foreign exchange backlogs has also helped restore investor confidence, resulting in a calmer and more transparent market.

Parallel Market Update

In contrast, the parallel market has reacted more conservatively to the Naira’s official gains. Across major trading centres such as Lagos, Abuja and Kano, the dollar is exchanging hands between ₦1,468 and ₦1,480.

Although a disparity between official and informal rates persists, the margin has narrowed considerably compared to levels seen earlier in January.

Bureau De Change operators say demand remains largely tied to travel needs and small import transactions, with little evidence of speculative buying. The steadiness in the parallel market suggests prices may be stabilising as January comes to an end.

Exchange Rate Overview

NFEM (Official) Opening Rate: ₦1,395.09

NFEM (Official) Mid-Morning Rate: ₦1,396.98

Parallel Market Rate: ₦1,468 – ₦1,480