Naira Trades N1,400 Per Dollar at Official Market

By Adedapo Adesanya

The Naira was exchanged at N1,400.28 per Dollar in the the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, January 28 after it gained 74 or 0.05 per cent against the United States Dollar, according to data from the Central Bank of Nigeria (CBN). In the preceding trading session, the value of the local currency stood at N1,401.22/$1.

However, the domestic currency further depreciated against the Pound Sterling in the official market yesterday by N4.15 to end at N1,929.99/£1 compared with Tuesday’s closing price of N1,925.84/£1 and against the Euro, it lost N3.31 to settle at N1,675.53/€1, in contrast to the preceding session’s closing price of N1,672.22/€1.

At the black market window, the Nigerian Naira maintained stability against the Dollar at N1,480/$1 at midweek, same at the GTBank forex desk, where it closed flat at N1,426/$1.

The Naira has sustained its upward momentum into early 2026, building on the gains recorded in 2025, when it posted its strongest performance in over a decade. Recent reforms in the FX market as well as structural reforms in the oil sector have eased fears and buoyed investments.

This has boosted foreign capital inflows and led to stronger diaspora remittances, keeping the exchange rate at the N1,400 mark in the medium term.

Also boosting the value of the Naira is a general weakening of the greenback in the international market as a result of geographical tensions and risk associated with US policies.

As for the cryptocurrency market, continued strength in commodities, especially record-high gold and elevated silver and copper, have overshadowed crypto markets. A weaker Dollar fueled strong rallies in these commodities, making them safer havens than crypto.

Also, the US Federal Reserve left interest rates unchanged at its meeting on Wednesday.

Solana (SOL) shrank by 2.9 per cent to $123.15, Dogecoin (DOGE) depreciated by 2.6 per cent to $0.1217, Litecoin (LTC) slid by 2.4 per cent to $68.10, Ripple (XRP) fell by 2.1 per cent to $1.87, Cardano (ADA) depleted by 1.9 per cent to $0.3506, Ethereum (ETH) went down by 1.8 per cent to $2,951.30, Bitcoin (BTC) dipped by 1.1 per cent to $88,118.29, and Binance Coin (BNB) slumped by 0.1 per cent to $889.03, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.