The naira continued to trade weakly against the United States dollar on Wednesday, January 28, 2026, as exchange rates remained high across both the official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), the dollar exchanged within the range of about ₦1,400 to ₦1,475 per dollar. Data from market trackers showed that the naira closed around ₦1,475 per dollar, reflecting ongoing pressure on the local currency despite recent policy interventions by the Central Bank of Nigeria.
In the parallel market, also known as the black market, the naira traded slightly weaker. Bureau de Change operators quoted the dollar at between ₦1,480 and ₦1,490, depending on location and volume. This gap between the official and informal markets continues to highlight lingering challenges in dollar liquidity and demand.
Currency traders attributed the sustained pressure on the naira to strong demand for foreign exchange, import-related payments, and limited dollar inflows. Although the CBN has reiterated its commitment to market reforms and transparency, the impact of these measures is yet to fully reflect in exchange rate stability.
Analysts say fluctuations may persist in the short term as businesses and individuals adjust to market-driven pricing. They also advise Nigerians to rely on authorised financial institutions for foreign exchange transactions, warning against risks associated with the parallel market.
As of today, January 28, 2026, the dollar-to-naira exchange rate remains elevated, with market watchers closely monitoring policy actions and global economic developments that could influence the naira’s performance in the coming weeks.
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