The Nigerian naira maintained a relatively stable position against the United States dollar during early trading on Tuesday, January 6, 2026, across both the official and informal foreign exchange markets.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded at about ₦1,431.47 per dollar at the official window, reflecting marginal fluctuations compared with the opening days of the new year when rates hovered around the ₦1,440 level.
Parallel market trades at premium
In the parallel market, commonly referred to as the black market, the naira continued to trade at a premium against the dollar.
Bureau De Change operators in major commercial centres, including Lagos, Abuja and Kano, quoted exchange rates ranging between ₦1,495 and ₦1,510 per dollar, depending on location and transaction volume.
The persistent gap between the official and parallel market rates remains a key concern for investors and policymakers, as the Central Bank of Nigeria (CBN) continues efforts aimed at improving liquidity and achieving effective price discovery.
Demand, inflows shape market stability
Market analysts attributed the relative stability of the naira to a balance between seasonal demand pressures and foreign exchange supply.
Increased demand for dollars to meet school fees, travel expenses and business imports has been partly offset by steady interventions and improved foreign portfolio inflows, helping to calm volatility in the official market.
Cost pressures remain despite marginal gains
Despite the slight appreciation recorded at the official window, analysts note that exchange rate movements continue to influence the cost of living, particularly for imported goods and services.
They added that sustained stability will depend on consistent policy implementation, improved dollar inflows and broader confidence in Nigeria’s foreign exchange management framework.
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