The Nigerian naira traded around ₦1,432.00 per US dollar at the official market during the early hours of Wednesday, January 7, 2026, reflecting a cautious but relatively stable start to the trading day.
Market data from both official and informal channels indicate that the currency is entering a calmer phase following the festive slowdown, as traders and businesses closely monitor foreign exchange demand with the resumption of economic activities.
Official Market Performance
At the Nigerian Foreign Exchange Market, the naira opened trading near ₦1,432.00/$, representing a slight weakening compared to earlier levels around ₦1,428.00.
Analysts attribute the marginal adjustment to renewed corporate demand for foreign exchange, particularly from import-dependent businesses returning to full operations at the start of the year.
Parallel Market Trend
In the parallel market, the naira continued to trade at a premium against the dollar.
Foreign exchange dealers in Lagos and Abuja quoted buying rates between ₦1,485.00 and ₦1,500.00 per dollar.
Although the gap between the official and parallel markets persists, it remains significantly narrower than in previous quarters, reflecting the impact of the Central Bank’s liquidity support measures.
Market Outlook
Market attention is now focused on the policy direction of the Central Bank of Nigeria for the first quarter of 2026.
Investors and traders are watching for signals regarding increased dollar supply to authorised dealers and possible interventions to stabilise the foreign exchange market.
By midday, official market rates are expected to close within the range of ₦1,430.00 to ₦1,435.00 per dollar, barring any unexpected late-session volatility.
Related: Ghanaian YouTuber, Kwadwo Sheldon drags Nigeria (Video)
