Dollar–Naira Exchange Rate Update For January 7, 2026

According to Ireporter Online, the dollar-to-naira exchange rate in Nigeria’s parallel market remained firm on Tuesday, January 6, as demand for foreign currency continued to influence pricing across major cities.

Market checks at the Lagos parallel market, commonly referred to as the black market, showed that traders sold the United States dollar at an average rate of ₦1,485, while buyers purchased the currency at about ₦1,477. These rates reflect ongoing pressures in the informal foreign exchange segment, where pricing is largely driven by demand and supply dynamics.

Currency dealers, particularly Bureau De Change operators, attributed the marginal fluctuations to sustained demand from importers and individuals seeking foreign exchange outside official channels. However, monetary authorities have consistently cautioned against reliance on the parallel market.

The Central Bank of Nigeria has reiterated that it does not recognize transactions conducted in the black market and has advised Nigerians to carry out foreign exchange dealings through licensed banks and authorized financial institutions.

At the official window, data from the apex bank indicated that the dollar traded within a regulated range, with the highest rate recorded at ₦1,426 and the lowest at ₦1,414. Analysts note that disparities between official and unofficial rates persist due to policy controls and limited dollar supply.

Observers also cautioned that exchange rates may vary slightly depending on location and market conditions, as forex prices are subject to frequent changes across different trading points.