N1,429/$1: Naira Appreciates Against Dollar, CBN Releases New Exchange Rates for All Currencies
- The naira strengthened further against the dollar at official and black foreign exchange market
- Also in the official market, the naira appreciated against the pound sterling and against the euro
- Analysts expect the CBN to maintain strategic FX interventions, supported by rising external reserves
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The naira started the week on Monday, January 5, stronger against the US dollar in the Nigerian Foreign Exchange Market (NFEM), gaining N1.54 or 0.11% to trade at N1,429.31/$1, up from N1,430.85/$1 in the previous session.
Source: Getty Images
New exchange rate against pound, euro
Naira also rose against the pound sterling in the official market, strengthening by N5 to N1,920.27/£1 from N1,925.78/£1 last Friday, and appreciated against the euro by N10.80, closing at N1,667.43/€1, compared with N1,687.24/€1 previously.
In the black market, the naira gained N5 versus the US dollar to N1,470/$1, up from N1,475/$1, while at GTBank’s forex counter, it declined by N3 to N1,438/$1 from N1,435/$1.
The naira appears to have carried forward the stability it enjoyed in 2025, a sharp contrast to the volatility of 2024, having appreciated 7.4% year-on-year to close the year at N1,429/$1.
Despite early Monday pressure from the international dollar movement, the naira remains supported by rising external reserves and continued inflows from Foreign Portfolio Investments (FPIs).
Analysts expect the CBN to maintain its strategic interventions in the FX market, boosting liquidity and curbing speculative trading.
Other currency exchange rates
- CFA: N2.56
- Yuan/Renminbi: N204.60
- Danish Krona: N223.20
- Euro: N1,667.43
- Yen: N9.11
- Riyal: N381.09
- South African Rand: N86.59
- Swiss Franc: N1,795.16
- Pounds Sterling: N1,920.27
Source: Getty Images
Speaking to Legit.ng, Aminu Gwadabe is the president of the Association of Bureau De Change Operators of Nigeria (ABCON) said:
"The naira has shown consistent stability and appreciation in the foreign exchange market, reflecting the intended outcomes of aligning the official and parallel (free/funds) markets.
"Interestingly, the parallel market rate is now trading even lower than the interbank proceeds sold to Bureau de Change (BDC) operators."
Naira no longer among Africa’s 10 worst
Earlier, Legit.ng reported that Nigeria’s currency performance towards the end of 2025 helped it move outside Africa’s 10 worst-performing currencies, ending nearly two years on the bottom-ten list.
An analysis using the Forbes currency calculator shows that the naira exited the list in October 2025 and had not reappeared as of December, supported by improving external reserves, policy reforms and better FX liquidity.
The naira likely finished the year among Africa’s 15th to 20th weakest currencies.
Source: Legit.ng
