As traders reacted to changing liquidity levels in both official and unofficial foreign exchange markets, the naira started the second week of January 2026 on a mixed note against the US dollar.

As companies gradually resumed full-scale operations for the new year, currency market activity showed cautious optimism, with participants keenly monitoring supply availability and demand pressures.

During Monday's early trading hours, the naira at the Nigerian Foreign Exchange Market remained relatively stable in relation to the dollar.

The dollar was quoted at values between ₦1,475 and ₦1,490 by currency dealers in Lagos and Abuja, indicating persistent demand from small-scale and retail consumers.

Analysts evaluating liquidity access and general market confidence continue to scrutinise the ongoing price gap between the official and underground markets.

The parallel market continues to meet the needs of smaller buyers who are unable to access the official system, even while the official market continues to be the principal avenue for large-volume transactions.

Current exchange rate stability has been linked to improved oil revenue inflows and the Central Bank of Nigeria’s continued tight monetary policy stance.

However, analysts caution that new import orders expected in the first quarter of the year could heighten demand pressures on the naira in the weeks ahead.

Market observers also expect forthcoming policy signals from financial authorities to play a significant role in determining currency movement as economic activity gains momentum.