Naira gains at official market after brief dip
The naira appreciated marginally against the United States dollar at the official foreign exchange market on Tuesday, barely 24 hours after recording a depreciation.
Data from the Central Bank of Nigeria (CBN) showed that the local currency strengthened to N1,419.35 per dollar, up from N1,420.28 recorded on Monday, representing a day-on-day gain of N0.93.
Black market rate remains unchanged
At the parallel market, the naira traded flat, closing at N1,493 per dollar on Tuesday, the same rate recorded the previous day.
The stability at the black market came despite the slight movement recorded at the official window.
External reserves continue to rise
The naira’s rebound followed continued growth in Nigeria’s external reserves, which rose to $45.95 billion as of Tuesday, January 19, 2026, from $45.90 billion recorded last Friday.
The increase in reserves comes amid ongoing efforts to stabilise the foreign exchange market.
Background
On Monday, the naira had weakened against the dollar at the official market, reversing a short run of gains before Tuesday’s modest recovery.