The Nigerian naira recorded a slight appreciation against the United States dollar on Wednesday, May 6, 2026, across both the official and parallel foreign exchange markets, supported by improved liquidity and increased interbank activity.
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Data from the Central Bank of Nigeria showed that the naira strengthened to about ₦1,362 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared to roughly ₦1,367.5 traded earlier in the week.
The official window also recorded higher turnover, reflecting stronger demand and supply dynamics within the formal banking system.
At the parallel market, commonly referred to as the black market, the naira traded at approximately ₦1,382 per dollar, improving from around ₦1,387 recorded on Monday.
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Foreign exchange dealers in Lagos and Abuja quoted buying rates between ₦1,385 and ₦1,390, while selling rates ranged up to ₦1,400, depending on location and transaction volume.
Market analysts attributed the modest appreciation to increased dollar supply within the banking sector, alongside ongoing interventions aimed at boosting liquidity and narrowing the gap between official and unofficial exchange rates.
The relatively moderate spread between the NFEM and parallel market rates suggests continued efforts by monetary authorities to stabilise the foreign exchange market and enhance investor confidence.
Despite the gains, traders cautioned that pressure on the naira remains significant, driven by sustained demand for foreign exchange from importers, manufacturers, travellers, and individuals seeking payments for invisible transactions outside formal banking channels.
Analysts note that while recent improvements are encouraging, the sustainability of the naira’s recovery will depend on consistent forex inflows, policy stability, and broader macroeconomic conditions.
Yesterday’s rate
The naira traded within a narrow and relatively stable range against the United States dollar on Tuesday, May 5, 2026, across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria showed that at the Nigerian Foreign Exchange Market (NFEM), the naira hovered around ₦1,374 per dollar. Trading during the session fluctuated within a band of about ₦1,362 to ₦1,378, reflecting modest day-to-day movements.
At the parallel market, commonly referred to as the black market, rates remained slightly higher. Bureau De Change operators in major trading hubs such as Lagos and Abuja quoted the dollar at approximately ₦1,385 for buying and around ₦1,400 for selling, depending on transaction size and location.
The spread between the official and parallel market rates remained relatively moderate, a development attributed to ongoing efforts by the apex bank to improve dollar liquidity within the formal market window.
Currency traders say sentiment remains cautious, driven by persistent demand for foreign exchange from importers, travellers, and businesses that still struggle to access dollars through official banking channels.
Analysts note that the naira’s trajectory in the coming days will likely depend on key macroeconomic factors, including global crude oil prices, Nigeria’s foreign reserve position, and policy interventions by monetary authorities aimed at stabilising the forex market.
