Market News

The naira appreciated to N1,430.84 kobo per dollar at the official side of the foreign exchange (FX) market on Friday, the first day of trading in 2026. 

According to data from the Nigerian foreign exchange market (NFEM), the country’s official market, the value of the currency gained N4.31 kobo or 0.34 percent — from the N1,435.75 kobo/$ recorded on December 31, 2025.

The data showed that the local currency appreciated to N1,442.51 kobo to the dollar on Monday but fell to N1,445.68 kobo/$ on Tuesday.

However, the naira gained momentum on Wednesday, appreciating to N1,435.75 against a dollar.

At the parallel section of the market, the naira depreciated on Friday to N1,495 per dollar — by 0.34 percent from N1,490/$ on December 31.

Starting the week stronger, the local currency appreciated to N1,485 against a dollar on Monday, before depreciating to N1,490/$ on Tuesday and holding steady on Wednesday.

In his New Year’s message, President Bola Tinubu said Nigeria’s foreign reserves have cushioned the naira against external shocks and are expected to improve further in 2026.

“Supported by sound monetary policy management, our foreign reserves stood at $45.4 billion as of December 29, 2025, providing a substantial buffer against external shocks for the Naira,” he said.

Tinubu added that “we expect this position to strengthen further in the new year”.