Naira edges lower on January 22, 2026, as forex demand rises; official and parallel markets show mild depreciation amid midweek liquidity pressures

The Nigerian naira experienced a modest depreciation in early trading on Thursday, as foreign exchange activity increased amid typical midweek liquidity pressures.

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Market participants noted minor shifts in both official and parallel markets, signalling that the ongoing price-discovery process remains in progress.

At the Nigerian Foreign Exchange Market (NFEM), the naira opened at ₦1,419.37 per US dollar and softened slightly to ₦1,421.33 by mid-morning, a decline of approximately 0.14%.

Analysts described the movement as a minor correction after earlier gains, with corporate demand being balanced against available supply from the Central Bank of Nigeria (CBN).

In the parallel market, the dollar exchanged between ₦1,482 and ₦1,495 in major trading hubs, reflecting steady retail demand from small-scale importers.

The narrow premium between official and parallel rates suggests government measures to harmonise exchange rates continue to stabilise the market.

Market watchers will monitor end-of-week trading to determine whether the naira can reclaim footing below ₦1,420.

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With forecasts pointing to lower inflation and a positive balance of payments, the currency is expected to remain broadly resilient despite temporary fluctuations.