The naira weakened slightly at the official foreign exchange market on Monday, January 20, 2026, while remaining largely stable across major currencies in the international money transfer operator (IMTO) segment.
Data from the Central Bank of Nigeria (CBN) showed that the naira depreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM), closing at ₦1,420.50 to the dollar on January 19, compared with ₦1,417.95/$1 recorded on January 16. This represents a 0.18 per cent decline, with the local currency losing ₦2.55 against the dollar.
In contrast, IMTO rates quoted by platforms including LemFi and Remitly showed relative stability in the foreign exchange market.
At the IMTO window, the naira traded unchanged at ₦1,483/$1 on January 20, maintaining the same level as the previous day. Against the British pound, the naira weakened, closing at ₦1,999/£1, down from ₦1,985/£1, representing a 0.70 per cent depreciation or a loss of ₦14.
The naira also softened against the euro, exchanging at ₦1,697/€1, compared with ₦1,691/€1 previously, reflecting a 0.35 per cent decline. Against the Canadian dollar, the local currency depreciated to ₦1,074/C$1, from ₦1,071/C$1, marking a 0.28 per cent drop.
Meanwhile, Nigeria’s external reserves recorded a modest improvement. CBN figures showed that external reserves rose to $45.901 billion as of January 16, 2026, up from $45.860 billion on January 15, representing a 0.09 per cent increase.
Analysts say the marginal movements reflect continued tightness in foreign exchange supply, even as recent reforms and inflows provide some support to reserves and help stabilise the broader FX market.
