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The naira rose to about ₦1,400 against the US dollar at the official market during midweek trading.
Data from the Central Bank of Nigeria showed that the currency appreciated at the Nigerian Foreign Exchange Market on Tuesday, with the dollar quoted at ₦1,401.22, compared with ₦1,418.95 on Monday.
The naira had also gained in the previous trading session, closing at about ₦1,401 to the dollar.
This represents its strongest level since the introduction of the electronic foreign exchange trading system.
As of January 27, exchange rates at Lagos’ parallel market were between ₦1,475 and ₦1,490 per dollar.
The average selling rate was approximately ₦1,490, and the average buying rate was approximately ₦1,480.
The improvement in both the official and parallel markets followed increased foreign exchange supply and recent regulatory measures by the Central Bank.
The naira has continued to gain in early 2026, extending the momentum from 2025.
Market projections suggest the currency may trade between ₦1,400 and ₦1,500 per dollar this year.
The Nigerian Economic Summit Group has projected an average exchange rate of about ₦1,480 per dollar in 2026, alongside a gradual rise in Nigeria’s external reserves if current economic policies remain in place.
