Naira to Dollar official/black market rates today, Wednesday, January 28, 2026

The Nigerian naira continued its steady recovery on Wednesday, January 28, 2026, strengthening to about ₦1,400.66 per United States dollar at the official market.

The mid-week performance confirmed the currency’s positive momentum, which has remained consistent since the start of the trading week.

This latest gain marked another notable milestone for the naira, reinforcing renewed confidence among investors and market operators.

Analysts say the sustained appreciation reflects growing stability within Nigeria’s foreign exchange framework.

Official Market Sees Stronger Confidence

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated further, closing at roughly ₦1,400.66 per dollar.

This represented an improvement from the previous trading session, when the currency settled at ₦1,401.22.

Early trading activity on Wednesday showed bids falling as low as ₦1,400 per dollar.

Dealers attributed this movement to improved liquidity and stronger trust in the Central Bank of Nigeria’s current reforms.

The introduction of the Electronic Foreign Exchange Matching System (EFEMS) has played a central role in this trend.

Market participants say the platform has increased transparency and reduced distortions within the official window.

Nigeria’s external reserves, now standing above 46 billion dollars, have also provided critical support.

The reserve strength continues to reassure investors and reduce pressure on the local currency.

Parallel Market Responds More Cautiously

In contrast, the parallel market showed a calmer response to the official gains.

Across major cities such as Lagos and Abuja, the dollar traded within the ₦1,480 to ₦1,485 range.

Although the disparity between official and street rates remains, analysts note a significant narrowing compared to late 2025.

The reduced gap suggests easing speculative pressure in the informal market.

Bureau De Change operators reported steady retail demand without signs of panic buying.

This stability has helped prevent sharp spikes despite the naira’s strong showing at the official market.

Exchange Rate Snapshot for January 28

At the start of trading, the NFEM opening rate stood at ₦1,408.17 per dollar.

By mid-week, the official rate strengthened to ₦1,400.66.

The parallel market averaged around ₦1,485 per dollar across major trading centres.

Observers say the figures point to improving alignment between both markets.

Economic analysts, including the Nigerian Economic Summit Group, remain cautiously optimistic.

They project the naira will trade between ₦1,400 and ₦1,500 for most of 2026.

As January draws to a close, sustained liquidity remains the key driver of the naira’s resilience.

Market watchers believe consistency in policy execution will determine whether the gains can be maintained.