The Nigerian Naira maintained stability against the US Dollar on Thursday, January 29, 2026, opening at ₦1,395.09 per dollar.
Trading in the official Nigerian Foreign Exchange Market (NFEM) saw minor fluctuations, with the mid-morning rate at ₦1,396.98, reflecting a continuation of the recent bullish trend.
Analysts attribute the recovery to the Central Bank of Nigeria’s (CBN) strategic interventions through the Electronic Foreign Exchange Matching System (EFEMS), which has improved liquidity and cleared FX backlogs, bolstering investor confidence.
In the parallel market, dollars traded between ₦1,468 and ₦1,480 in major cities, with the gap between official and informal rates narrowing.
Market observers note reduced speculative activity and stable retail demand from travel and small-scale imports, indicating gradual market stabilisation.
Economists remain optimistic that if crude oil production holds steady and CBN interventions continue, the Naira could sustain levels around ₦1,390–₦1,400 in the coming weeks.
