The Nigerian Naira showed slight resilience against the United States Dollar in the informal foreign exchange market on Friday as improved dollar supply helped ease pressure from sustained January demand.
As of Friday, January 23rd 2026, the Dollar to Naira exchange rate in the black market stands at ₦1,488 per dollar for buying and ₦1,498 per dollar for selling, according to verified quotations from Bureau De Change (BDC) operators across Lagos, Abuja, Port Harcourt, Kano, and other major FX trading centres.
This modest adjustment comes after the Naira traded at higher levels earlier in the week. Traders report that increased dollar inflows from private holders and small-scale exporters helped balance market demand, preventing further depreciation of the Dollar to Naira rate.
Dollar to Naira Black Market Rate Overview
| Date |
Market Type |
Buying Rate (₦) |
Selling Rate (₦) |
Movement |
| Fri, Jan 23, 2026 |
Black Market |
1,488 |
1,498 |
−₦2 ▼ |
| Thu, Jan 22, 2026 |
Black Market |
1,490 |
1,500 |
— |
| 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 ₦1,488 – ₦1,498 range across most commercial hubs. Dealers say transactions are settling slightly below the previous session’s high as additional sellers entered the market ahead of the weekend.
Despite this marginal improvement, demand remains strong. Importers are still sourcing dollars to settle January procurement plans, while families continue making overseas tuition and living expense payments. The slight dip in the Dollar to Naira rate reflects improved liquidity rather than a fundamental shift in demand.
For official exchange-rate benchmarks, interbank data, and regulatory guidance, the Central Bank of Nigeria remains the authoritative source:
https://www.cbn.gov.ng
Key Drivers of Today’s Dollar to Naira Movement
Several factors are shaping the movement of the Dollar to Naira rate in the black market:
🔹 Import-Related FX Demand
Businesses continue to execute early-year procurement contracts, sustaining dollar demand.
🔹 Education and Overseas Commitments
Families are purchasing foreign currency to cover tuition fees, rent, and related expenses abroad.
🔹 Increased Seller Activity
Some traders and private holders released dollars into the market before the weekend, improving supply.
🔹 Reduced Remittance Momentum
The December remittance cycle has largely tapered, limiting new inflows.
🔹 Global Dollar Conditions
The US Dollar remains firm globally, influencing pricing in emerging markets.
These combined factors explain the slight correction in the Dollar to Naira exchange rate today.
Economic Impact on Businesses and Consumers
The current Dollar to Naira rate has mixed implications across Nigeria’s economy:
Positive Developments
-
Improved short-term dollar availability
-
Businesses gain marginal cost stability
-
Remittance beneficiaries continue to benefit from elevated rates
Ongoing Challenges
-
Import costs remain high
-
SMEs face pressure on operating margins
-
Overseas travel and education remain expensive
-
Inflationary risks persist
Economists note that while today’s movement suggests temporary relief, structural FX challenges remain.
Market Outlook
Analysts expect the Dollar to Naira exchange rate to remain volatile through the end of January as demand stays elevated and supply fluctuates daily.
Projected short-term trading range: ₦1,480 – ₦1,505 per dollar
Key indicators to monitor include:
Conclusion
The Dollar to Naira black market exchange rate today, Friday, January 23rd 2026, stands at:
-
₦1,488 per dollar for buying
-
₦1,498 per dollar for selling
For reliable daily foreign exchange updates and trusted market insights, Nigerians continue to rely on:
https://investorsking.com
https://www.cbn.gov.ng
As January 2026 progresses, the balance between sustained demand and fluctuating supply will continue to shape the direction of the Dollar to Naira exchange rate in the black market.
