The Nigerian Naira weakened further against the United States Dollar in the informal foreign exchange market on Thursday as demand for foreign currency intensified across major trading centres.
As of Thursday, January 22nd 2026, the Dollar to Naira exchange rate in the black market stands at ₦1,490 per dollar for buying and ₦1,500 per dollar for selling, according to verified quotations from Bureau De Change (BDC) operators in Lagos, Abuja, Port Harcourt, Kano, and other key FX hubs.
This movement marks a notable shift from the relative stability seen earlier in the week, reflecting growing pressure from importers, businesses, and individuals sourcing dollars for overseas obligations. By the fourth week of January, demand for foreign exchange typically accelerates as companies fully execute annual procurement plans and settle international commitments, adding pressure to the Dollar to Naira rate.
Dollar to Naira Black Market Rate Overview
| Date |
Market Type |
Buying Rate (₦) |
Selling Rate (₦) |
Movement |
| Thu, Jan 22, 2026 |
Black Market |
1,490 |
1,500 |
+₦5 ▲ |
| Wed, Jan 21, 2026 |
Black Market |
1,485 |
1,495 |
— |
| Official Rate (CBN) |
— |
— |
— |
See https://www.cbn.gov.ng |
Rates are compiled from daily market checks and validated using updates published by https://investorsking.com.
How Much Is Dollar to Naira Today in Black Market
The Dollar to Naira exchange rate today in the black market is trading within the ₦1,490 – ₦1,500 range across most commercial locations. Dealers report that transactions are increasingly settling at the upper end of the range as buyers rush to secure dollars amid concerns of further depreciation.
BDC operators note that demand remains broad-based, driven by importers settling January shipments, families paying overseas tuition and accommodation fees, and businesses making international supplier payments. At the same time, dollar supply has tightened as fewer sellers enter the market, contributing to upward pressure on the Dollar to Naira rate.
For official exchange-rate benchmarks, interbank pricing, and regulatory guidance, the Central Bank of Nigeria remains the authoritative reference:
https://www.cbn.gov.ng
Factors Driving the Dollar to Naira Increase
Several factors are influencing today’s movement in the Dollar to Naira black market exchange rate:
🔹 Strong Import Demand
Businesses are executing January procurement plans and settling outstanding import bills, increasing demand for foreign currency.
🔹 Overseas Education and Living Costs
Families are sourcing dollars to pay tuition fees, rent, and living expenses for students studying abroad.
🔹 Reduced Remittance Inflows
The seasonal decline in diaspora remittances after December has reduced dollar supply in the market.
🔹 Market Caution and Hoarding
Some traders are holding dollars in anticipation of further depreciation, tightening liquidity in the short term.
🔹 Global Dollar Strength
A firm US Dollar globally continues to pressure emerging-market currencies, including the Naira.
These combined pressures explain the sharp upward adjustment in today’s Dollar to Naira rate.
Economic Impact on Nigerians
The rising Dollar to Naira exchange rate has significant implications for the economy:
Positive Outcomes
-
Exporters benefit from improved naira conversion
-
Remittance recipients receive higher naira values
-
FX liquidity remains available despite higher prices
Negative Pressures
-
Import costs increase sharply
-
SMEs face higher operating expenses
-
Overseas education, travel, and medical costs rise
-
Inflationary risks intensify
Economists caution that sustained depreciation could further strain household purchasing power if not moderated.
Market Outlook
Analysts expect the Dollar to Naira exchange rate to remain volatile in the near term as January demand stays elevated and dollar supply remains constrained.
Projected short-term trading range: ₦1,485 – ₦1,515 per dollar
Key factors to monitor include:
Conclusion
The Dollar to Naira black market exchange rate today, Thursday, January 22nd 2026, stands at:
-
₦1,490 per dollar for buying
-
₦1,500 per dollar for selling
For reliable daily foreign exchange updates and trusted market analysis, Nigerians continue to rely on:
https://investorsking.com
https://www.cbn.gov.ng
As Nigeria moves toward the end of January 2026, the balance between strong foreign exchange demand and tightening supply will remain the dominant force shaping the Dollar to Naira exchange rate.
