The Naira recorded a slight appreciation in the parallel market, closing at N1,490 per dollar on January 27, 2026, compared to N1,495 the previous weekend.
This improvement reflects reduced demand pressure and increased supply from diaspora remittances during the festive season.
In the official Nigerian Foreign Exchange Market (NFEM), the Naira depreciated to N1,416.5 per dollar, driven by ongoing supply constraints and import demand.
The gap between the parallel and official rates remains narrow, indicating relative stability compared to earlier volatility in 2025.
“The CBN’s interventions support this stability, building on recent reforms like the national license upgrades for Opay, Moniepoint, and Palmpay.”
The Central Bank of Nigeria (CBN) has maintained interventions to support the Naira, including forex sales and policy adjustments to enhance liquidity.
Recent data shows improved inflows from exports and remittances, contributing to the parallel market gain. However, the NFEM rate reflects structural challenges in official supply channels.
These movements impact inflation, import costs, and investor confidence. The parallel market rate influences cash-based transactions, while NFEM affects official imports and debt servicing. Analysts monitor these trends closely for signs of sustained stability or further shifts.
The CBN’s ongoing reforms aim to converge rates and reduce arbitrage opportunities, with expectations of continued monitoring in early 2026.
“Naira fluctuations impact import costs, including fuel, with marketers warning of petrol reaching N1,000/litre as crude crosses $70.”