Dollar to Naira Exchange Rate Today (January 19, 2026): Naira Opens Week Steady

The naira held a relatively stable position against the U.S. dollar in the early hours of Monday, January 19, 2026, as the foreign exchange market opened for the week. The calm tone follows recent market consolidation, supported by improved confidence, stronger reserve expectations, and ongoing monetary policy adjustments.

Official Market Rates (NFEM)

At the Nigerian Foreign Exchange Market (NFEM), the naira opened at an average rate of ₦1,420.59 per $1. This reflects a slight improvement from late last week, when the currency traded around ₦1,422 per $1.

Early trading data also showed the naira touching a high of ₦1,422.59 per $1 before easing lower, representing about a 0.14% appreciation in the first few hours of trading.

Analysts attribute the relative calm in the official market to continued efforts to sustain liquidity and improve confidence in the FX system, with expectations that external reserves could strengthen further later in 2026.

Parallel Market (Black Market) Trends

In the parallel market, exchange rates remained steady but continued to trade above the official window. Bureau De Change operators in Lagos and Abuja reported buy rates between ₦1,465 and ₦1,470 per $1, while sell rates ranged from ₦1,472 to ₦1,475 per $1.

Although the gap between the official and parallel markets remains, the sharp volatility that dominated parts of 2024 and 2025 appears to have eased, helped by FX reforms and increased inflows such as diaspora remittances.

Outlook and What to Watch Next

Government and market watchers remain cautiously optimistic about the naira’s trajectory for the rest of 2026, citing expectations of improved oil receipts and continued reforms. Attention is now shifting to upcoming monetary policy meetings, which could offer clearer direction on interest rates, liquidity conditions, and foreign exchange management.