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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.
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