The exchange rate between the US dollar and the Nigerian naira remained relatively stable on today, Wednesday, May 6, 2026, across both official and parallel market segments, reflecting ongoing efforts to stabilise the foreign exchange market.
At the official window, data from the Nigerian Foreign Exchange Market (NFEM) shows the naira trading around ₦1,374–₦1,376 per dollar, maintaining a narrow band seen in recent days.
This stability is largely attributed to sustained liquidity interventions and policy measures by the Central Bank of Nigeria aimed at reducing volatility in the market.
However, in the parallel market, commonly referred to as the black market, the naira continues to trade at a premium. Bureau De Change operators in major cities such as Lagos and Abuja quoted the dollar at approximately ₦1,385 for buying and between ₦1,390 and ₦1,400 for selling, depending on demand and transaction size.
This persistent gap between the official and parallel market rates highlights ongoing pressures in Nigeria’s foreign exchange ecosystem, driven largely by high demand for dollars for imports, travel, and offshore payments, as well as limited supply in official channels.
Analysts note that while the naira has shown signs of short-term stability, hovering close to the ₦1,375 range, it remains vulnerable to external shocks such as fluctuations in oil prices, capital inflows, and global monetary conditions.
For businesses and individuals, the divergence between both markets continues to influence pricing, investment decisions, and the overall cost of living, particularly in an import-dependent economy like Nigeria.
Summary of Rates – May 6, 2026
- Official Rate (NFEM): ~₦1,374 – ₦1,376 / $1
- Black Market Buying Rate: ~₦1,385 / $1
- Black Market Selling Rate: ~₦1,390 – ₦1,400 / $1
Note: Exchange rates may vary slightly depending on location, volume, and market conditions.
