Economy

Black Market Dollar(USD) To Naira( NGN) Exchange Rate Today, January 8, 2026

ByHafsoh Isiaq

PublishedJanuary 8, 2026

The Nigerian Naira continues to show signs of stability across both the official and informal currency markets as the Central Bank of Nigeria (CBN) maintains its aggressive reform posture to kick off the 2026 fiscal year.

Official Market Performance (NFEM)
At the Nigerian Foreign Exchange Market (NFEM), the Naira opened the trading day with a steady outlook. Data from the FMDQ Securities Exchange indicates that the spot rate is currently hovering around N1,427.52 per US Dollar.

This represents a relatively narrow trading range compared to the close of the previous year, signaling that the CBN’s efforts to improve transparency and enhance market liquidity are yielding results. Market analysts attribute this relative calm to the recent projections by the apex bank, which anticipates Nigeria’s foreign exchange reserves to hit $51.04 billion by the end of 2026, bolstered by increased oil earnings and diaspora remittances.

Parallel Market Trends

In the informal or “black market,” the Naira is trading at a slight premium but remains within a stabilized corridor. Early morning quotes from Bureau de Change (BDC) operators in Lagos and Abuja show the Dollar being exchanged at approximately N1,435 – N1,440.

The gap between the official and parallel market rates has significantly narrowed over the past twelve months. This convergence is a key objective of the current administration’s monetary policy, aimed at discouraging speculative hoarding and ensuring that businesses can access foreign exchange through legitimate banking channels.

Market Drivers and Outlook

Several factors are influencing the current strength of the local currency:

Increased Reserves: The optimistic outlook for Nigeria’s external reserves is providing a psychological cushion for the Naira.

Refinery Impact: The expansion of domestic refining capacity, particularly from the Dangote Refinery, has started to reduce the heavy demand for foreign exchange previously required for fuel imports.

Monetary Policy Stability: Investors are reacting positively to the CBN’s “Consolidating Macroeconomic Stability” framework, which targets a reduction in headline inflation to roughly 12.94% by the end of the year.

As the market progresses through the first week of full operations in 2026, traders remain watchful of further interventions by the central bank to maintain the current momentum.

Hafsoh Isiaq

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.