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Currency Traders Reduce Dollar Rate To N1,417 In Official Market

January 16, 2026
by
Forex Transactions Decline By $89.61 Million As Dollar Rate Surges

On Friday, January 16, the naira appreciated against the United States dollar (USD) by 0.14 percent as the foreign exchange rate for both currencies closed at N1,417.95 kobo/$1 in the Nigerian foreign exchange market (NFEM).

Data provided by the Central Bank of Nigeria (CBN) showed that the foreign exchange rate declined by N2.05 kobo from the N1,420/$1 recorded on Thursday, January 15.

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According to the data, N1,420.5 per dollar was the highest rate recorded for the USD, and N1,416.8 kobo/$1 was the lowest rate during trading.

Also, currency traders exchanged the pound at N1,900.65 kobo per £1 in the NFEM, also known as the official window, compared to the N1,892.68 kobo per £1 recorded the day before.

The data showed that the naira depreciated by 0.42 percent, while the foreign exchange rate increased by N7.97 kobo.

In addition, the Euro’s exchange rate in the official window depreciated by N2.4 kobo, from the N1,649.33 kobo per €1 recorded on Thursday to N1,646.93 per €1.

However, the dollar traded flat in the black market, according to the Naira Rates, the parallel market aggregator, as the United States currency exchanged at N1,484.99 kobo/$1, similar to the previous day’s exchange rate.

Also, the naira continues to hold its ground against the pound and the euro, with the British currency maintaining its exchange rate at N2,034.99 kobo per £1, and the European currency at N1,753.5 per €1, respectively.

For press releases, tip-offs, and corporate information, call 08149575257 (hotline), email: editor@primebusiness.africa and publisher@primebusiness.africa

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