The Nigerian Naira has hit a record high of ₦1, 400 against the US dollar at the official market during the midweek trading session.
The currency maintained the appreciation trend seen since the start of the week in the Nigerian Foreign Exchange Market (NFEM).
Data released by the Central Bank of Nigeria (CBN) showed that the local currency appreciated by 1.26% on Tuesday, as the dollar was quoted at ₦1,401.22, representing a gain of ₦17.73 compared with ₦ 1,418.95 recorded on Monday at the NFEM.
It had already made significant gains in the previous session, ending at ₦1,401.2/$, its strongest level since the introduction of the Electronic Foreign Exchange Matching System (EFEMS).
The naira has appreciated in a few sessions daily (up 0.1%-0.36% on some days). The parallel market (informal rates in Lagos BDC) is between ₦1,475/$ and ₦1,490/$ (the average buy is ₦1,480/$ and the average sell is ₦1,490/$ as of January 27), so the buy/sell spreads are reported.
The parallel rates have improved as the CBN has implemented further regulatory reforms, and the FX liquidity has improved.
The naira has continued to appreciate in early 2026, keeping the momentum it established in 2025 (the naira enjoyed a decade high performance of 7%-9% against the USD in 2025).
Analysts largely expect the naira to remain within a relatively stable range in the medium term.
Many projections suggest the currency will trade between ₦1,400 and ₦ 1,500 per dollar this year, supported by improved FX liquidity and ongoing macroeconomic reforms.
The Nigerian Economic Summit Group (NESG) has projected that the naira will trade around ₦1,480 to the dollar in 2026.
Driven by the consolidation of recent macroeconomic reforms and sustained stabilisation efforts, the group also expects Nigeria’s external reserves to rise steadily to about $52 billion over the same period.
