The Naira recorded a mild depreciation at the official foreign exchange market in the second week of January 2026, closing at N1,421 per dollar on Wednesday.
This is according to data published on the Central Bank of Nigeria (CBN) website on Wednesday.
The movement comes as analysts continue to point to stronger reserve buffers, FX reforms, and structural improvements expected to support exchange rate stability heading into 2026.
The currency had traded at N1,416/$ on Tuesday and N1,428/$ on Monday, making Wednesday’s close the first notable mid-week slip in the second week of the year.
Official market data shows that the naira’s mid-week movement remains within a narrow band, suggesting moderated volatility compared to previous years.
Sources reported that the naira weakened to N1,431/$ on January 2, 2026, the first trading day of the year, reflecting post-holiday FX demand and lingering supply adjustments.
At the parallel market, the naira traded weaker, averaging between N1,490 and N1,495 per dollar on Wednesday, compared with N1,470/$ the previous day.
The widening spread between the official and informal markets continues to reflect unmet demand for FX, particularly for travel allowances, imports, and other invisible transactions.
Despite this gap, market watchers note that the scale of volatility has moderated significantly, pointing to improving confidence in Nigeria’s evolving foreign exchange framework.
