The Nigerian naira has reached a record high of ₦1,400 against the United States dollar at the official market during midweek trading.
The currency sustained the upward momentum recorded since the beginning of the week at the Nigerian Foreign Exchange Market (NFEM).
Figures released by the Central Bank of Nigeria (CBN) indicated that the naira strengthened by 1.26 per cent on Tuesday, with the dollar quoted at ₦1,401.22. This represents an appreciation of ₦17.73 from the ₦1,418.95 recorded on Monday at the NFEM.
The local currency had already posted strong gains in the previous session, closing at ₦1,401.2 per dollar — its strongest level since the launch of the Electronic Foreign Exchange Matching System (EFEMS).
The naira has continued to post daily gains across several trading sessions, rising between 0.1 per cent and 0.36 per cent on some days. In the parallel market, also known as the Lagos Bureau De Change segment, exchange rates ranged between ₦1,475/$ and ₦1,490/$ as of January 27, with an average buying rate of ₦1,480/$ and an average selling rate of ₦1,490/$.
Parallel market rates have improved following additional regulatory reforms by the CBN and better foreign exchange liquidity.
The naira has sustained its appreciation into early 2026, building on the momentum recorded in 2025, when it posted a decade-high performance of between 7 per cent and 9 per cent against the dollar.
Market analysts generally expect the currency to remain within a relatively stable range over the medium term. Many forecasts indicate that the naira will trade between ₦1,400 and ₦1,500 per dollar this year, supported by improved FX liquidity and continued macroeconomic reforms.
The Nigerian Economic Summit Group (NESG) has projected that the naira will trade at about ₦1,480 to the dollar in 2026.
The group also expects Nigeria’s external reserves to climb steadily to around $52 billion over the same period, driven by the consolidation of recent macroeconomic reforms and sustained stabilisation efforts.