ABUJA, Jan. 5, 2026 (Naija247news) – The naira strengthened across both official and parallel foreign exchange (FX) markets on Monday, even as weekly FX inflows at the Central Bank of Nigeria (CBN) window dipped significantly.
Data from the CBN showed that at the Nigerian Foreign Exchange Market (NFEM), the naira gained N1.54, with the U.S. dollar quoted at N1,429.30, up from N1,430.84 on Friday, the first trading day of the year. Meanwhile, in the parallel market, also known as the black market, the local currency rose by N10, or 0.7 percent, closing at N1,490 per dollar, compared with N1,500 on Friday.
Despite the gains, weekly FX inflows at the official window fell by 20.67 percent to $593.7 million, down from $748.4 million the previous week, according to Coronation Merchant Bank. Analysts attributed the slowdown to subdued market activity at the start of the year and lower participation from offshore investors.
Local sources remained the main contributors to FX inflows, accounting for 82.95 percent of the total. Individuals led with $165.1 million, followed by the CBN with $128 million, while exporters and importers contributed $115.6 million. Foreign inflows, by contrast, accounted for just 17.05 percent, with foreign portfolio investments down 72.91 percent week on week to $46 million, and foreign direct investments dropping 81.87 percent to $7 million.
The CBN’s gross external reserves, however, showed resilience, rising 0.58 percent to $45.50 billion at the start of the year and edging further to $45.56 billion as of January 2, 2026.
Analysts at Coronation Research expect the naira to trade within a relatively stable range in the near term at the official window, buoyed by continued CBN intervention and a seasonal easing of FX demand following year-end pressures.
Ifeoluwa Okonkwo ✔
Ifeoluwa Okonkwo is a dedicated News Content Editor at Naija247news, bringing over five years of experience in news writing and editorial work. A graduate of the University of Abia State, Ifeoluwa specializes in curating and refining impactful news stories that resonate with readers. Her expertise lies in delivering accurate, timely, and engaging content across diverse topics, contributing to the platform’s reputation for excellence in journalism. Through her leadership, she ensures high editorial standards and an unwavering commitment to journalistic integrity.
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