Nigeria’s Naira traded within a relatively stable range against the United States Dollar on Tuesday, May 5, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Data from the Central Bank of Nigeria’s exchange rate portal showed that the official NFEM rate hovered around ₦1,374 per dollar, with trading bands ranging between approximately ₦1,362 and ₦1,378.
In the parallel market, also known as the black market, Bureau De Change operators in Lagos and Abuja quoted the dollar at about ₦1,385 for buying and around ₦1,400 for selling, depending on transaction volume and location.
Reports indicated that the gap between the official and parallel market rates remained moderate as the Central Bank of Nigeria continued efforts to improve dollar liquidity in the formal forex window.
Currency traders noted that market sentiment has remained cautious amid ongoing demand pressure for foreign exchange by importers, travelers, and businesses seeking dollar supplies outside the banking system.
Analysts also said the direction of the naira this week could be influenced by crude oil price movements, foreign reserve levels, and monetary policy measures aimed at stabilising the foreign exchange market.
