The Nigerian naira posted a modest gain against the US dollar on Wednesday, May 6, 2026, showing slight improvement across both the official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria showed the naira strengthening to around ₦1,362 per dollar, up from about ₦1,367.5 earlier in the week. The market also saw increased activity, with higher turnover driven by stronger demand and supply dynamics.
In the parallel market, the local currency also appreciated, trading at roughly ₦1,382 per dollar compared to about ₦1,387 on Monday. Forex dealers in major cities like Lagos and Abuja quoted buying rates between ₦1,385 and ₦1,390, while selling rates went as high as ₦1,400 depending on transaction size and location.
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Analysts say the slight recovery is largely due to improved dollar liquidity in the banking system, along with ongoing efforts to stabilise the market and reduce the gap between official and unofficial exchange rates.
However, pressure on the naira still lingers. Demand for foreign exchange remains high, particularly from importers, manufacturers, travellers, and individuals handling transactions outside formal banking channels.
Despite these pressures, the relatively narrow gap between the official and parallel market rates suggests that recent monetary measures are beginning to have some stabilising effect, helping to boost confidence in the foreign exchange market.
