The Nigerian Naira continued its downward journey against the US Dollar in the informal foreign exchange market on Thursday, January 22nd, 2026.
Across major trading hubs like Lagos, Abuja, Port Harcourt, and Kano, demand for the greenback surged, pushing the Dollar to Naira rate higher than it was earlier in the week.
Black Market Rates Reach New Levels
As of Thursday, verified Bureau De Change (BDC) operators report that the black market exchange rate for the Dollar stands at ₦1,490 for buying and ₦1,500 for selling.
This represents a modest increase from Wednesday’s ₦1,485 – ₦1,495 range, signaling renewed pressure from businesses, importers, and individuals seeking foreign currency.
The uptick reflects the usual seasonal pattern in late January, when companies finalize international payments and procurement plans.
Higher import and overseas payment demand tends to strain naira liquidity at this time, explaining the recent upward shift in rates.
How the Dollar to Naira Black Market Rate Looks Today
Across commercial locations in Nigeria, most BDC transactions are now settling closer to ₦1,500 per dollar.
Dealers report buyers are increasingly willing to pay the higher end of the range as concerns grow about potential further depreciation.
The broad-based demand includes:
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Import payments for goods arriving in January
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Overseas tuition and living costs for students
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International supplier settlements by businesses
Meanwhile, fewer sellers are active in the market, tightening the supply of dollars and adding pressure to the naira.
For official exchange rates and regulatory guidance, the Central Bank of Nigeria (CBN) remains the authoritative source: https://www.cbn.gov.ng.
Key Drivers Behind the Naira’s Weakening
Several factors are behind the recent surge in the Dollar to Naira black market rate:
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Strong Import Demand – Companies executing January procurement plans and paying import bills require large volumes of dollars.
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Overseas Education and Living Expenses – Families sourcing funds for tuition, rent, and living costs for students abroad increase dollar demand.
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Reduced Remittance Inflows – After December, remittance inflows decline seasonally, reducing available dollars in the market.
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Market Caution and Hoarding – Traders holding onto dollars in anticipation of further depreciation limit liquidity.
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Global Dollar Strength – A firm US Dollar continues to pressure emerging market currencies, including the Naira.
Together, these factors have contributed to the current upward adjustment in the Dollar to Naira rate.
Economic Implications for Nigerians
The continued depreciation of the naira carries both potential benefits and challenges for the economy:
Positive Outcomes:
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Exporters gain from improved naira conversion on foreign earnings
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Remittance recipients receive higher naira values
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FX liquidity remains available despite higher costs
Negative Pressures:
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Import costs rise sharply, impacting businesses and consumers
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Small and medium-sized enterprises face increased operational expenses
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Overseas education, travel, and medical expenses climb
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Inflationary risks intensify, potentially straining household purchasing power
Economists warn that if the depreciation trend continues, Nigerian households could feel the pinch across multiple sectors.
Market Outlook
Analysts anticipate continued volatility in the Dollar to Naira rate as high January demand persists and dollar supply remains limited.
Short-term projections suggest the black market could trade between ₦1,485 and ₦1,515 per dollar in the coming days.
Investors and businesses are closely monitoring:
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Import payment flows
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Remittance trends
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BDC liquidity and speculative activity
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Global dollar movements
Current Rates Summary
For Thursday, January 22nd, 2026, the Dollar to Naira black market exchange rate is:
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Buying: ₦1,490 per dollar
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Selling: ₦1,500 per dollar
Reliable foreign exchange updates and market analysis continue to be provided by: Investors King and Central Bank of Nigeria.
As January progresses, the tension between sustained high demand for foreign currency and tightening dollar supply will remain the key factor influencing the Naira’s performance in the informal market.
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