Naira Appreciates Across Markets on Jan 16
The naira strengthened against the U.S. dollar on Friday, January 16, across both the parallel market and the Nigerian Foreign Exchange Market (NAFEM).
Currency dealers in Abuja told Economic Confidential that the naira traded at ₦1,480/$1 for buying and ₦1,490/$1 for selling in the parallel market, improving from the ₦1,495/$1 rate recorded the previous day.
At the official window, the local currency also appreciated marginally, closing at ₦1,417/$1 compared with ₦1,419/$1 on Thursday.
Analysts remain optimistic about the naira’s outlook in 2026, projecting further strengthening as the currency is expected to trade within a narrower and firmer range.
They attribute the positive outlook to improving foreign exchange fundamentals, higher FX inflows, reduced speculative pressures and enhanced price discovery. Clearer pricing mechanisms and improved transparency, analysts added, have helped restore confidence among foreign investors and exporters, boosting FX liquidity and supporting naira stability.
