N1,419/$1: CBN Releases Official Exchange Rates as Naira Appreciates Again
- The value of the naira appreciated against the United States dollar in the Nigerian Foreign Exchange Market
- Naira also recorded gains against the pound sterling and euro, supported by stronger forex inflows and improving current account dynamics
- Analysts say disciplined FX management and Central Bank support are key to sustaining the naira’s stability
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 continues its strong performance in the foreign exchange market as it strengthened against major currencies in the Nigerian Foreign Exchange Market (NAFEM) on Tuesday, January 13.
The latest performance is supported by a $50 million injection from the Central Bank of Nigeria (CBN).
Source: Getty Images
According to CBN data, the Nigerian currency appreciated by N1.80, or 0.13%, to close at N1,419.66 per dollar, up from Monday’s N1,421.46/$1.
This is the second day of straight appreciation for the naira.
Also, at the same spot market, the naira also gained ground against the pound sterling, rising by N1.86 to N1,913.98/£1 from N1,915.84/£1, and improved by N5.09 against the euro, settling at N1,656.59/€1 versus N1,661.68/€1 a day earlier.
At the parallel market, the Naira held steady against the dollar at N1,495/$1, while the GTBank FX counter recorded a rate of N1,431/$1.
Abdullahi, one of the BDC traders, told Legit.ng:
"The dollar buying rate is N1,482, while the selling rate is N1,495. Previously, the buying rate for a dollar was N1,480. The euro sells at N1,720, and we buy at N1,700.
"The British pound sterling is selling at N2,010, with a buying rate of N1,985."
Source: Twitter
Exchange rates at NAFEM (Tuesday, January 13, 2026):
- US Dollar: N1,419.66
- Pounds Sterling: N1,913.98
- Euro: N1,656.60
- CFA Franc: N2.53
- Yuan/Renminbi: N203.51
- Danish Krona: N221.68
- Japanese Yen: N8.94
- Saudi Riyal: N378.55
- South African Rand: N86.64
- Swiss Franc: N1,779.02
Nigeria's balance of payment
Market analysts said the currency’s recovery was driven by “proper CBN support, stronger external inflows from foreign portfolio investors (FPIs), improving current account dynamics, and more disciplined foreign exchange management.
DailyTrust reports that Nigeria has returned to a balance-of-payments surplus in Q3 2025, supported by higher export earnings, steady remittances from abroad, and renewed inflows of foreign capital that strengthened the country’s external reserves.
FX reserves rise
Earlier, Legit.ng reported that Nigeria’s external reserves expanded by $4.39 billion, offering fresh optimism about the country’s foreign exchange stability and the outlook for the naira.
Data sourced from the CBN shows that reserves climbed by about 10.75 per cent within the period.
Nigeria’s FX reserves stood at $45.24 billion in December, up from $40.85bn recorded on the same date in 2024.
Proofreading by Kola Muhammed, copy editor at Legit.ng.
Source: Legit.ng
