The Nigerian naira maintained a relatively steady performance against the US dollar on Tuesday, May 5, 2026, trading within a narrow range across both the official and parallel foreign exchange markets.
Figures from the Central Bank of Nigeria’s exchange rate platform showed that the naira traded around ₦1,374 per dollar at the official Nigerian Foreign Exchange Market (NFEM), with slight fluctuations between roughly ₦1,362 and ₦1,378 during the day’s trading.
In the parallel market, commonly referred to as the black market, Bureau De Change operators in major cities like Lagos and Abuja quoted the dollar at about ₦1,385 for buying and close to ₦1,400 for selling, depending on the size of transactions and location.
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The gap between the official and parallel market rates remained fairly moderate, reflecting ongoing efforts by the Central Bank to boost dollar supply and improve liquidity within the formal forex market.
Despite the relative stability, traders say demand for foreign exchange remains high, driven by importers, travellers, and businesses sourcing dollars outside the banking system. This sustained pressure continues to shape market sentiment.
Financial analysts note that the naira’s performance in the coming days will likely depend on global oil price trends, the country’s foreign reserve position, and further monetary policy actions aimed at keeping the exchange rate stable.
