Nigeria’s naira recorded a mixed performance across foreign exchange markets on Friday, January 23, 2026, according to data from the Central Bank of Nigeria (CBN) and international money transfer operators (IMTOs).
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira strengthened marginally against the U.S. dollar, appreciating to N1,421.50/$1 on January 22 from N1,423/$1 the previous day, representing a 0.11 percent gain.
In contrast, the naira weakened across IMTO channels. The dollar IMTO rate rose to N1,491/$1 on January 23 from N1,490/$1, while the pound sterling increased to N2,009/£1 from N2,007/£1. The euro also appreciated against the naira, exchanging at N1,707/€1 compared to N1,705/€1 a day earlier, while the Canadian dollar climbed to N1,082/C$1 from N1,080/C$1, according to data from LemFi and Remitly.
Meanwhile, Nigeria’s external reserves recorded a modest increase, rising to $45.989 billion on January 21, up from $45.973 billion on January 20, representing a 0.04 percent increase, CBN data showed. The mixed movements highlight continued volatility in the foreign exchange market, with official market stability contrasting with persistent pressure in the remittance and retail FX segments.
