The Naira resumed its decline on Thursday, January 8, 2026, after remaining stable for two days, trading at N1,478.99 per dollar in the parallel market.
Data from Naira Rates shows the currency traded flat on Tuesday and Wednesday, January 6 and 7, 2026, at N1,477/$.
The end of the two-day flat trading period led to higher demand for foreign exchange from corporate firms, manufacturers, importers, and business owners who had delayed purchases in anticipation of lower rates. This allowed speculators to take advantage of the supply-demand gap by slightly adjusting rates upward.
The N1.99 depreciation was also driven by a surge in corporate and individual demand for the US dollar, as businesses prepared to resume full operations for the new year. This demand exceeded the immediate supply available in the parallel market.
In the black market, the naira traded at N2,204.40/GBP, N1,753.50/EUR, and N1,095/CAD.
In the cryptocurrency market, the naira exchanged at N4.76 million per Ethereum, N137.66 million per Bitcoin, and N205,495.85 per Solana. The local currency also traded at N1,474.49 per USDT and USDC.
At the official CBN foreign exchange window, the naira exchanged at N1,418.26/$, N1,913.66/GBP, and N1,657.52/EUR respectively on Wednesday, January 7, 2026.
Today’s official rate was yet to be updated as of the time of filing this report.
