Black Market Dollar(USD) to Naira (NGN) Exchange Rate Today, January 19, 2026
The Nigerian Naira maintained a steady position against the United States Dollar in the early hours of Monday, January 19, 2026, as the market opened for the new week. This stability follows a period of consolidation in the foreign exchange market, supported by improved external reserves and recent monetary policy adjustments.
Official Market Rates (NFEM)
At the Nigerian Foreign Exchange Market (NFEM), the Naira opened the day with an average rate of 1,420.59 per dollar. This represents a slight appreciation from the closing rates seen late last week, where the currency hovered around 1,422. Trading data from the early morning session indicates that the currency reached a high of 1,422.59 before settling lower, reflecting a 0.14% improvement in value during the first few hours of trade.
Financial analysts attribute this relative calm in the official window to the Central Bank of Nigeria’s continued efforts to maintain liquidity. With external reserves currently projected to exceed 50 billion dollars later this year, investor confidence remains higher than in previous quarters.
Parallel Market (Black Market) Trends
In the parallel market, commonly referred to as the black market, the exchange rate showed a similar trend of stability, though it continues to trade at a slight premium compared to the official window. Bureau De Change operators in Lagos and Abuja reported buying rates between 1,465 and 1,470 per dollar, while selling rates ranged from 1,472 to 1,475.
Despite the persistent gap between the official and parallel markets, the volatility that characterized the market in 2024 and 2025 has significantly eased. This narrowing spread is widely seen as a result of the unified exchange rate reforms and increased diaspora remittances.
Economic Outlook and Projections
Government officials and economists remain optimistic about the currency’s performance for the remainder of 2026. Finance Minister Wale Edun recently noted that the “consolidation phase” of the economy is yielding results, with inflation expected to average around 16.5% this year—a sharp decline from the peaks seen two years ago.
The Central Bank’s Economic Policy Directorate has also projected a stabilisation of the Naira, supported by higher oil receipts and stronger structural reforms. Market participants are keeping a close eye on the upcoming monetary policy meetings, which are expected to provide further direction for interest rates and foreign exchange management.
Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.
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