The Nigerian naira has begun the first week of May with a relatively stable performance against the US dollar across various segments of the foreign exchange market.
Data from the Nigerian Foreign Exchange Market (NFEM) shows the naira trading at an official rate of N1,375.98 per dollar. Early trading on Monday, May 4, 2026, recorded slight fluctuations, with the currency briefly reaching N1,376.00 before returning to its current level. This reflects a modest improvement from the N1,375.65 seen earlier in the day.
In the parallel market, often referred to as the black market, the exchange rate remains higher than the official window. Bureau De Change operators in key cities such as Lagos and Abuja are offering the dollar at an average buying rate of N1,410, with selling prices varying depending on transaction size and location.
The narrow gap between official and parallel market rates points to ongoing efforts by the Central Bank of Nigeria to sustain liquidity in the official market, even as demand for foreign currency continues.
For other major currencies, the British pound is trading at about N1,720 in the parallel market, while the Canadian dollar is exchanged at roughly N1,035.
Analysts say the market remains influenced by global oil price trends and local monetary policies. Investors and traders are closely monitoring trading patterns this week to assess whether the naira will maintain its current position or come under pressure as demand increases later in the month.