The Nigerian naira recorded a relatively stable performance against the United States dollar on Tuesday, May 5, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Figures from the Central Bank of Nigeria’s exchange rate portal showed the official NFEM rate hovering around ₦1,374 per dollar, with trading ranging between about ₦1,362 and ₦1,378.
In the parallel market, also referred to as the black market, Bureau De Change operators in Lagos and Abuja quoted the dollar at roughly ₦1,385 for buying and around ₦1,400 for selling, depending on transaction size and location.
Reports indicated that the gap between the official and parallel market rates remained moderate, as the Central Bank continued efforts to boost dollar liquidity within the formal forex window.
Currency traders said market sentiment remains cautious due to sustained demand for foreign exchange from importers, travellers, and businesses sourcing dollars outside the banking system.
Analysts added that the naira’s movement this week may be shaped by crude oil prices, foreign reserve levels, and monetary policy actions aimed at maintaining stability in the forex market.