US Dollar, Pound and Euro Sell at New Exchange Rate as Naira Appreciates to N1,421
- The value of the Nigerian currency has recorded mixed movements against major foreign currencies in the official market.
- The latest exchange rate data released by the CBN shows that the naira recorded a slight appreciation against US dollar
- Yemi Kale, Chief Economist at the Africa Export-Import Bank and other economist have offered projections for 2026
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian currency, the naira, appreciated slightly against the United States dollar in the official market.
Data from the CBN showed that the selling rate closed at N1,421.46 per dollar on Monday, January 12, in comparison to N1,423.17 per dollar recorded on Friday, January 9.
Source: Getty Images
The naira, however, appreciated against the British pound sterling and the euro. It closed at N1,915.84/£1 and N1,661.68/€1, up from N1,912.03/£1 and N1,658.13/€1, respectively.
Snapshot of naira rates in official market
Based on CBN published selling rates, here is a breakdown of the naira’s performance against other foreign currencies in the NAFEM market:
- CFA: N2.5253
- Yuan/Renminbi: N203.8488
- Danish Krona: N222.3565
- Euro: N1,661.6845
- Yen: N9.0063
- Riyal: N379.0353
- South African Rand: N86.7383
- Swiss Franc: N1,783.9585
- Pounds Sterling: N1,915.8412
- WAUA: N1,938.8302
- SDR: N1,943.8440
Experts project naira outlook for 2026
Meanwhile, economists have offered projections on the naira’s performance in 2026.
Yemi Kale, Chief Economist at the Africa Export-Import Bank (Afreximbank), projected that the naira would trade between N1,350 and N1,450 per US dollar in 2026. Kale made the projection while delivering the keynote address at the FirstBank Nigeria Economic Outlook 2026.
He outlined scenario based forecasts for the USD/NGN exchange rate, factoring in oil prices, foreign exchange inflows, inflation trends, and policy consistency.
Under a baseline scenario, Kale expects the naira to remain under pressure but avoid a sharp collapse, trading around N1,313 per dollar by June and approximately N1,340 by December 2026.
Source: Getty Images
The projection assumes moderate improvements in Nigeria’s foreign exchange reserves and oil export revenues, stability in CBN policies, a gradual decline in inflation, and the absence of major external shocks such as a sudden oil price crash or a surge in the US dollar.
Also, CardinalStone Partners’ 2026 economic outlook report titled Indicators Align for Sustained Macro Gains offered a slightly more optimistic view.
The firm projected that the naira could strengthen to between N1,350 and N1,450 per dollar next year, driven by improved macroeconomic fundamentals, higher FX liquidity, and moderating inflation.
Iran currency collapses
Earlier, Legit.ng reported that Iran’s national currency has crashed to record lows, with the rial weakening so sharply against major currencies that, on the official foreign exchange sheet, one rial is effectively valued at 0 euros.
Also, the Nigerian naira is now trading at N1 to the Iranian rial on Monday, January 12, the highest level ever.
What this indicates is that with N2 million, a Nigerian can be a billionaire in Iran.
Source: Legit.ng
