Figures cited by Vanguard show the Naira holding below the 1,400-per-dollar threshold in the official market. On Thursday morning, the currency opened around 1,395.09/$ in the Nigerian Foreign Exchange Market (NFEM), supported by liquidity improvements and the Central Bank’s Electronic Foreign Exchange Matching System (EFEMS).
While the parallel market remained higher, the narrowing premium suggests speculative pressure may be easing. Analysts attribute the resilience to efforts to clear FX backlogs and to a rise in external reserves, giving the central bank more room to intervene and smooth volatility.
The Punch noted the currency’s benefit from improved price discovery, while ThisDay quoted market analysts pointing to reduced panic buying and improving investor confidence.
Echotitbits take: Staying below the 1,400 psychological level is a notable win for the CBN narrative on stability. The next key signal is the MPC decision: holding rates could protect the FX gains, while easing could support growth but risk renewed pressure if liquidity tightens.
Source: Facebook/TheCable – https://web.facebook.com/thecableng/posts/naira-appreciates-to-n1400-at-official-market-strongest-performance-since-may-20/1213502280966076/?_rdc=1&_rdr# 2026-01-29
Photo Credit: Facebook/TheCable
