The Nigerian naira began the first week of May on a relatively steady note against the US dollar, showing only slight movements across the foreign exchange market.
Data from the Nigerian Foreign Exchange Market indicates that the currency is trading at an official rate of N1,375.98 to the dollar. Early trading on Monday, May 4, 2026, saw minor fluctuations, with the naira briefly touching N1,376.00 before settling close to its current level—slightly stronger than the N1,375.65 recorded earlier in the day.
In the parallel market, also known as the black market, the naira continues to trade at a higher rate. Bureau De Change operators in major cities like Lagos and Abuja are quoting the dollar at around N1,410 for buyers, with selling prices varying depending on location and transaction size.
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The gap between the official and parallel market rates suggests ongoing efforts by the Central Bank of Nigeria to sustain liquidity in the formal market, even as demand for foreign exchange remains steady.
For other major currencies, the British pound is trading at about N1,720 in the parallel market, while the Canadian dollar is going for roughly N1,035.
Analysts say the outlook for the naira will depend largely on global oil price trends and domestic monetary policies. Market participants are also watching trading volumes closely this week to see whether the currency can hold its ground or come under fresh pressure as demand typically rises toward the middle of the month.
