The Nigerian naira recorded a slight appreciation against the United States dollar on Thursday, May 7, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, amid improved foreign exchange liquidity and continued interventions by the Central Bank of Nigeria (CBN).
According to data from the CBN, the naira traded at about ₦1,361 to the dollar at the official market, slightly stronger than the ₦1,362 recorded in the previous trading session. The market also witnessed increased activity as turnover improved significantly.
At the parallel market, commonly known as the black market, the dollar exchanged for around ₦1,380 on Thursday, compared to about ₦1,382 earlier in the week. Forex traders in Lagos and Abuja said rates continued to vary depending on location and the size of transactions.
The difference between the official and parallel market rates stood at roughly ₦21, showing that pressure still remains in the retail forex market despite relative stability at the official window.
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Currency dealers and market analysts linked the naira’s improved performance to ongoing CBN measures aimed at boosting forex supply and reducing market volatility. They also noted that demand for foreign exchange from importers, travelers, and businesses remained high.
Meanwhile, turnover at the interbank market reportedly increased sharply to about $158.2 million, up from $71.6 million recorded in the previous session, reflecting stronger participation in the forex market.
Analysts believe the naira may continue to trade within a relatively stable range in the coming days if foreign exchange inflows improve further and the country’s external reserves remain steady.
