The Nigerian naira has bounced back against the United States dollar at the official foreign exchange market, just a day after experiencing a decline. According to data released by the Central Bank of Nigeria, the naira gained slightly, appreciating to N1,419.35 on Tuesday, up from N1,420.28 on Monday. This represents a daily gain of N0.93.
The marginal appreciation of the naira can be attributed to the country’s improving external reserves, which have continued to rise. As of January 19, 2026, Nigeria’s external reserves stood at $45.95 billion, a notable increase from $45.90 billion recorded on Friday of the previous week. The steady growth in external reserves has been a key factor influencing the naira’s performance against major currencies.
In contrast, the black market exchange rate remained unchanged on Tuesday, with the naira trading at N1,493 per dollar, the same rate as the previous day. The stability in the black market rate underscores the complex dynamics at play in the foreign exchange market, where various factors contribute to exchange rate movements.
The recent fluctuations in the naira’s value against the dollar are part of a broader trend in Nigeria’s foreign exchange market. After depreciating on Monday, the naira’s recovery on Tuesday suggests that the market is responding to changes in supply and demand, as well as other economic indicators. The continued growth in Nigeria’s external reserves is a positive sign, indicating that the country’s economy is on a stable footing.
As the Nigerian economy continues to navigate the challenges of a globalized market, the performance of the naira will remain a key area of focus. With the external reserves expected to play a significant role in shaping the naira’s trajectory, all eyes will be on the Central Bank of Nigeria’s efforts to maintain a stable exchange rate and promote economic growth. The next few days will be crucial in determining the naira’s future direction, as market participants await further developments in the foreign exchange market.
