NGN → USD Rates
NFEM (Official) Rate
Official Market:
- Buying: ₦ 1,427.52/ USD
Parallel Market:
- Buying: ₦ 1,435/ USD
- Selling: ₦ 1,440/ USD
Market Drivers and Outlook
Several factors are influencing the current strength of the local currency:
Increased Reserves: The optimistic outlook for Nigeria’s external reserves is providing a psychological cushion for the Naira.
Refinery Impact: The expansion of domestic refining capacity, particularly from the Dangote Refinery, has started to reduce the heavy demand for foreign exchange previously required for fuel imports.
Monetary Policy Stability: Investors are reacting positively to the CBN’s “Consolidating Macroeconomic Stability” framework, which targets a reduction in headline inflation to roughly 12.94% by the end of the year.
As the market progresses through the first week of full operations in 2026, traders remain watchful of further interventions by the central bank to maintain the current momentum.