Naira gains N3.51 against dollar in two days as reserves hit $45.74bn

The naira strengthened for two consecutive days at the official foreign exchange market, gaining N3.51 against the dollar. Central Bank data shows the naira closed at N1,419.66 per dollar on Tuesday, up from N1,423.17 last Friday. This marks a steady recovery for the local currency at the CBN-approved window where businesses and individuals access foreign currency.

Meanwhile, the naira remained stable at N1,490 per dollar in the parallel (black) market on Tuesday, holding steady after Monday's rate. The gap between official and parallel market rates currently stands at about N70 per dollar, narrowing from wider spreads seen in previous months.

Nigeria's foreign reserves also improved, rising to $45.74 billion as of January 12, from $45.67 billion last Friday. The reserves bump provides the CBN more breathing room to intervene in the forex market and meet demand for imported goods, school fees, and medical trips abroad.

If this appreciation trend continues, expect pressure on black market rates to soften. For businesses importing raw materials, the stronger official rate means slightly lower costs—though transport and diesel costs remain high. Are you adjusting your 2026 business plans based on this naira stability, or waiting to see if it holds through the month?

SOURCE: https://dailypost.ng/2026/01/13/naira-records-two-consecutive-appreciations-against-us-dollar/