Naira was sold at N1,490 per dollar in the unofficial foreign exchange market also known as the black market on Sunday, January 18, Legit.ng can confirm.

Currency dealers said that the dollar exchanged at between N1,489 and N1,490 in the parallel market, compared with about N1,477 recorded on January 9.

Official market shows marginal improvement

Despite the pressure on the black market, the naira recorded a slight appreciation in the official window.

CBN data showed that the Nigerian Foreign Exchange Market (NFEM) closed at N1,417.95 per dollar on Friday, improving from N1,424.5 per dollar a week earlier.

The opposite movement of both the forex markets has widened the gap between the parallel and official markets to N73, the largest since February 2025.

Although there is hope of further appreciation for the naira and less pressure in the market as the CBN reported that foreign exchange reserves rose to $45.8 billion, from $45.6 billion the previous week, supported by inflows from oil exports and portfolio investments.
However, for now, strong demand for foreign exchange continues to outweigh supply, keeping pressure on the naira across both FX windows.

CBN reduces BDC operators

For better control of the FX market, the Central Bank of Nigeria (CBN) has granted final licences to 82 Bureaux De Change (BDCs) to operate with effect from Nov. 27.

A statement issued in Abuja on Monday by Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, stated that the exercise was in line with its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020.