The Nigerian Naira recorded a slight gain against the United States Dollar in the informal foreign exchange market on Thursday as improved liquidity conditions eased end-of-month demand pressure.
As of Thursday, January 29th 2026, the Dollar to Naira exchange rate in the black market stands at ₦1,480 per dollar for buying and ₦1,490 per dollar for selling, according to verified quotations from Bureau De Change (BDC) operators in Lagos, Abuja, Port Harcourt, Kano, and other major FX trading centres.
The modest appreciation comes after several sessions of elevated demand driven by importers finalising January shipments and individuals settling overseas financial commitments.
Traders say additional dollar supply from private holders and small exporters helped stabilise the Dollar to Naira rate toward the close of the month.
Dollar to Naira Black Market Rate Overview
| Date |
Market Type |
Buying Rate (₦) |
Selling Rate (₦) |
Movement |
| Thu, Jan 29, 2026 |
Black Market |
1,480 |
1,490 |
−₦2 ▼ |
| Wed, Jan 28, 2026 |
Black Market |
1,482 |
1,492 |
— |
| Official Rate (CBN) |
— |
— |
— |
See https://www.cbn.gov.ng |
Rates compiled from daily market checks and validated through 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 ₦1,480 – ₦1,490 range across key commercial cities. Dealers report that most transactions are closing slightly below mid-week levels as supply improves ahead of month-end settlement cycles.
BDC operators note that although demand remains present from importers and families making overseas payments, the intensity of buying activity has moderated compared to earlier sessions. The slight adjustment in the Dollar to Naira rate reflects short-term liquidity gains rather than a structural shift in the FX market.
For official exchange-rate benchmarks, interbank rates, and regulatory updates, 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 influencing the Dollar to Naira exchange rate in the black market:
🔹 End-of-Month Liquidity Adjustments
Businesses have largely completed January import settlements, reducing immediate demand pressure.
🔹 Increased Seller Participation
Some private holders and small exporters have supplied additional dollars into the market.
🔹 Overseas Tuition and Living Costs
Families continue to purchase foreign currency, though volumes appear slightly lower compared to mid-month peaks.
🔹 Stabilising Market Sentiment
Improved liquidity has reduced speculative positioning and short-term hoarding.
🔹 External Economic Conditions
Global oil prices remain supportive of Nigeria’s FX earnings outlook, helping stabilise market confidence.
These combined elements explain the modest strengthening of the Naira against the Dollar in today’s session.
Economic Implications
The current Dollar to Naira exchange rate carries important implications:
Positive Signals
-
Improved short-term dollar availability
-
Reduced end-of-month volatility
-
Slight easing in import cost pressure
Continuing Pressures
-
FX rates remain elevated compared to early January levels
-
Import-dependent sectors still face higher input costs
-
SMEs remain vulnerable to FX fluctuations
-
Inflationary risks persist
Analysts note that sustained improvement in supply conditions will be necessary to support long-term stability in the Dollar to Naira rate.
Market Outlook
Experts expect the Dollar to Naira exchange rate to remain within a relatively narrow band as January closes and February trading begins.
Projected short-term trading range: ₦1,470 – ₦1,500 per dollar
Key indicators to monitor include:
-
Early February import financing activity
-
Remittance flow trends
-
Global oil price movements
-
Any FX liquidity actions by the CBN
Conclusion
The Dollar to Naira black market exchange rate today, Thursday, January 29th 2026, stands at:
-
₦1,480 per dollar for buying
-
₦1,490 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 January 2026 comes to a close, the balance between moderating demand and improving liquidity will continue to shape the direction of the Dollar to Naira exchange rate in the black market.
