Naira Gains Against Dollar in Official Market Amid Mixed Sentiments
The Nigerian naira recorded a gain of N7.7 against the United States dollar at the official foreign exchange market in the first week of January 2026. According to data from the Central Bank of Nigeria, the naira appreciated by 0.54 percent to N1,423.17 per dollar between January 2 and 9, 2026, up from N1,430.8479.
During this period, the naira experienced fluctuations, with both gains and losses, before settling at N1,423.17 per dollar on Friday. In contrast, the black market saw the naira depreciate by N10 to N1,490 per dollar. The country’s foreign reserves increased by $0.07 billion to $45.64 billion as of January 7, 2026, according to the Central Bank’s data.
The Central Bank of Nigeria’s 2026 economic outlook emphasizes the need for sustained orthodox monetary policy and implementation of foreign exchange market reforms to ensure monetary, price, and exchange rate stability. This development is significant, as the country’s economy continues to navigate the complexities of the global market.
The naira’s performance in the official market is a positive indicator, but the disparity between the official and black market rates remains a concern. The Central Bank’s efforts to stabilize the foreign exchange market and maintain economic stability are crucial in this context. As the country moves forward, it is essential to monitor the naira’s performance and the overall state of the economy.
The increase in foreign reserves is a welcome development, as it provides a cushion against economic shocks and supports the country’s ability to meet its international obligations. The Central Bank’s commitment to maintaining economic stability and implementing reforms in the foreign exchange market is a step in the right direction. As the year progresses, it will be essential to track the naira’s performance and the impact of the Central Bank’s policies on the economy.
