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Naira Edges Lower Amid Midweek Forex Market Activity

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Naira

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

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

Also read: Naira Edges Up Amid Volatility, Offers Sliver of Relief

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.

Also read: Wakanow acquires NairaBox to expand into lifestyle sector

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

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NDCCITMA rejects trademark allegations ahead of Niger Delta Summit

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The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.

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In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.

According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.

The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.

“Economic Summit” is a generic expression

NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.

The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.

It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.

Court grants interim injunction

Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.

The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.

According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.

The matter has been adjourned until September 22, 2026 for further hearing.

Chamber rejects ₦500 million demand claim

NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.

The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.

It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.

Summit opens September 15

Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.

The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.

The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.

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AICL Woos Ugandan Investors, Invites Them to ABIE 2027

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AICL asked Ugandan investors Nigeria to use Abuja as an entry point and to attend ABIE 2027, as officials from both countries pushed AfCFTA trade links

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Tinubu to Open Niger Delta Economic Summit in Port Harcourt

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Tinubu

Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth

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