On Thursday, May 7, 2026, the Nigerian naira saw modest increases versus the US dollar on both the official Nigerian Foreign Exchange Market (NFEM) and the black market due to increased forex availability and ongoing Central Bank of Nigeria operations.
The naira increased to approximately ₦1,361 per dollar at the NFEM from roughly ₦1,362 traded in the previous session, according to data from the Central Bank of Nigeria. As trading activity grew, the official market likewise experienced higher turnover.
The dollar traded at about ₦1,380 per dollar on Thursday on the parallel market, also referred to as the black market, a modest improvement from ₦1,382 earlier in the week. Buying and selling rates, according to forex merchants in Lagos and Abuja, continued to fluctuate depending on transaction size and location.
Despite relative stability in the banking window, the gap between the official and parallel market rates was approximately ₦21, indicating ongoing pressure in the retail FX segment.
The CBN’s continued efforts to increase liquidity and lower volatility in the foreign exchange market were credited by currency traders with the naira’s stability. The demand from importers, tourists, and companies looking for foreign exchange continued to be robust, according to analysts.
According to reports, turnover at the interbank market increased significantly to roughly $158.2 million from $71.6 million during the prior trading session, indicating greater market activity.
As long as currency inflows improve and external reserves are stable, market watchers anticipate that the naira will continue to move within a fairly stable range in the foreseeable future.
