The Nigerian naira posted slight appreciation against the United States dollar on Thursday, May 7, 2026, across both the official and parallel foreign exchange markets, supported by improved liquidity and sustained interventions by the Central Bank of Nigeria.
Figures released by the apex bank showed that the naira strengthened marginally to about ₦1,361 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared to approximately ₦1,362 recorded in the previous trading session.
Trading activity at the official market also improved, with stronger turnover recorded as demand and supply transactions increased.
At the parallel market, commonly referred to as the black market, the dollar traded around ₦1,380 on Thursday, slightly stronger than the ₦1,382 rate seen earlier in the week.
Foreign exchange dealers in Lagos and Abuja said buying and selling rates varied based on location and transaction volume.
The difference between the official NFEM rate and the parallel market rate remained around ₦21, highlighting persistent pressure within the retail foreign exchange segment despite relative stability in the banking window.
Currency traders linked the naira’s improved performance to ongoing monetary policies by the Central Bank aimed at boosting dollar liquidity and reducing exchange rate volatility.
Analysts also pointed to sustained demand for foreign exchange from importers, travellers, manufacturers, and other businesses as a factor continuing to weigh on the local currency.
Meanwhile, turnover in the interbank foreign exchange market reportedly climbed significantly to about $158.2 million, compared to $71.6 million in the previous session, suggesting stronger participation by market players.
Market watchers expect the naira to maintain relative stability in the near term if foreign exchange inflows improve further and Nigeria’s external reserves remain stable.
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.
Read more breaking stories from our latest Nigerian news
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.
