Business News
Naira strengthens to N1,400 against dollar at official market
The naira strengthened to N1,400.47 against the United States dollar at the official segment of the foreign exchange market on Wednesday.
Figures from the Nigerian Foreign Exchange Market, the country’s official trading window, showed that the local currency gained N0.75, representing a 0.05 per cent increase, compared with the N1,401.22 per dollar recorded on January 27.
Records indicate that the naira last traded around the N1,400 level in May 2024, marking a return to a level not seen in several months.
The latest exchange rate also stands as the strongest performance of the naira since the Central Bank of Nigeria introduced the Electronic Foreign Exchange Matching System, aimed at improving transparency and efficiency in the FX market.
According to the official market data, the local currency sustained its rally from N1,418.95 on January 26, and N1,401.22 recorded on January 27.
At the parallel section of the market, the naira also appreciated to N1,470 per dollar — marking the strongest level since December 1, 2025.
Holding steady from last week, the naira exchanged for N1,490 per dollar on January 26, remaining so until January 27, before appreciating to N1,470 per dollar on January 28.
In his New Year message, President Bola Tinubu said Nigeria’s foreign reserves have cushioned the naira against external shocks and are expected to improve further in 2026.
“We expect this position to strengthen further in the new year,” he had said.
Nigeria’s FX reserves rose to $46 billion on January 22, representing the highest figure in about eight years.
Follow Us on Google Discover
Obi/Kwankwaso ticket cannot win 2027 elections, NDC lone senator, Hanga says as he plots defection to APC
UNICAL moves to curb exam fraud, sacks eight staff, penalizes one
TCN announces power blackout in Yobe, Bauchi, Gombe, three other Northern states
Police nab eight suspected cultists over alleged assault on Bayelsa Varsity student
Tems makes history as first African female artist with US Diamond-certified single
Imo now one-party state, our people have decided to re-elect Tinubu in 2027, Says Uzodimma
Court sentences two men to death by hanging for raping, murdering 17-year-old girl in Anambra
Trump criticises Tuchel’s tactics after England’s World Cup exit to Argentina
NBA Presidential Poll: Badejo-Okusanya leads as voting continues after cyberattack delay
APC crisis deepens as Aiyedatiwa’s loyalists sue party, INEC over Ondo primaries
NUJ FCT Chairman Grace Ike wins Beacon of Education Award, pledges support for children with special needs
5.0-magnitude quake rocks Southeastern Turkey
Nigerians, foreign nationals nabbed over illegal mining in Nasarawa
My husband suffering political prosecution – El-Rufai’s wife Asia reports husband’s detention to international community
Kebbi 2027: ADC Guber candidate Abubakar Malami names Musa Zagi as running mate
8 Public assets named after Tinubu since becoming president (Full List)
JUST IN: Three face trial over Oyo schoolchildren, teachers’ abduction
BREAKING: Abducted principal, NECO official, students rescued – Kogi Govt
Supreme Court directs final forfeiture of Emefiele’s properties
Ex-President Goodluck Jonathan’s son bags degree in UK
FG renames Lagos-Calabar Coastal Highway after President Tinubu
Court sentences two men to death by hanging for raping, murdering 17-year-old girl in Anambra
Yobe approves ₦460.8m support for Akara sellers, Women petty traders
Bauchi 2027: APC picks ex-Bala Mohammed campaign DG Faruk Mustapha as Deputy Gov candidate
TCN announces power blackout in Yobe, Bauchi, Gombe, three other Northern states
BREAKING: Andy Burnham confirmed as UK Labour leader
APC crisis deepens as Aiyedatiwa’s loyalists sue party, INEC over Ondo primaries
Imo now one-party state, our people have decided to re-elect Tinubu in 2027, Says Uzodimma
Court dismisses suit seeking INEC recognition of Turaki-led PDP interim NWC
