Economy
Naira To Catapult To N10K Per Dollar – Economist Warns
Ace economist and chieftain of the Labour Party, Pat Utomi, has issued a stern warning that the naira may fall to N10,000 per dollar if nothing is done urgently.
Utomi gave this warning on Sunday at an event organised by activist Dr Moses Paul to mark the first anniversary of the 2023 presidential election.
He said the country was going down very fast because those in authority seem to be far from the people.
“Our country is dying before us; it is dying because the people don’t believe that those in authority are representing them and those in power don’t feel the people.
“They don’t act for the people and everything is running away. Going down very fast.
“This is like claiming this moment and acting like citizens to make this country work right now.
“We must not wait for the next election (2027) before we act, we need to take back our country right now.
“We need to take charge now because we know what to do that they don’t know what to do. If we don’t create our own security system, there will be no production, and if there is no production, the naira will reach N10,000 per dollar, I assure you.” he said.
The Black Market Dollar to Naira Exchange Rate for 13th January 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 13th January 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1485 and buy at ₦1479 on Tuesday 13th January, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1485
Buying Rate ₦1479
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1430
Lowest Rate ₦1420
The Nigerian Naira began the second week of January 2026 with continued fluctuations as market participants adjusted to early-year liquidity shifts in both the official and informal currency markets.
Official Market Performance
In the Nigerian Foreign Exchange Market (NFEM), the local currency maintained a relatively stable position against the greenback. Trading data from the early hours of Monday indicates that the Naira opened at approximately 1,426.69 per dollar. As the session progressed, the rate saw minor appreciation, settling around 1,423.82 per dollar by midday.
This movement reflects a 0.20 percent gain for the Naira, following efforts by the Central Bank of Nigeria (CBN) to maintain transparency in price discovery and ensure a steady supply of foreign exchange to meet legitimate obligations. Market turnover remains a key indicator for observers, as the volume of dollars traded today will signal the level of corporate demand for the month of January.
Parallel Market Realities
In the parallel market, commonly referred to as the black market, the Naira traded at a slight premium compared to the official window. Reports from currency dealers in Lagos and Abuja show that the dollar is being exchanged at rates ranging between 1,475 and 1,490.
The gap between the official and parallel markets remains a point of interest for economic analysts. While the NFEM provides a benchmark for large-scale transactions, the parallel market continues to serve small-scale retail needs and individuals who may not have immediate access to official banking channels.
Market Outlook
The current stability observed today is attributed to a combination of factors, including steadying oil revenues and the central bank’s ongoing monetary tightening measures. However, pressure remains as importers begin to place orders for the first quarter of the year, potentially testing the resilience of the current exchange rate levels.
Observers are closely watching for further policy updates from the financial regulators, which could influence the direction of the currency as the business year gains full momentum.
As of January 6, 2026, nineteen Nigerian banks have met the Central Bank of Nigeria, CBN’s recapitalization requirements, ahead of the March 31 deadline.
This was disclosed in data released by The Cable Index on Tuesday.
The banks with international licenses that have complied include Access Bank, Fidelity Bank, First Bank, GTBank (GTCO), UBA, and Zenith Bank.
For banks with national and regional licenses, Citibank Nigeria, Ecobank Nigeria, Globus Bank, Stanbic IBTC, Sterling Bank, Wema Bank, PremiumTrust Bank, and Providus Bank have all met the CBN’s recapitalization benchmarks.
Additionally, two non-interest banks, Jaiz and Lotus and three merchant banks, including FSDH, Greenwich, and Nova, have achieved the required capital thresholds.
Despite this progress, approximately 14 banks have yet to meet the recapitalisation requirement.
CBN had announced fresh capital requirements in March 2024: N500 billion for international banks, N200 billion for national banks, N50 billion for merchant banks, and between N10 billion and N20 billion for non-interest banks.
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