The Nigerian naira recorded a modest appreciation against the United States dollar on Wednesday, May 6, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, supported by improved forex liquidity and increased interbank transactions.
Figures from the Central Bank of Nigeria showed the naira strengthened to about ₦1,362 per dollar in the NFEM, compared to roughly ₦1,367.5 earlier in the week. The official market also saw higher turnover as trading activity picked up.
In the parallel market, the naira traded at around ₦1,382 per dollar, improving from approximately ₦1,387 recorded on Monday. Forex dealers in Lagos and Abuja quoted buying rates between ₦1,385 and ₦1,390, while selling rates reached up to ₦1,400 depending on transaction volume and location.
Analysts linked the slight gain to better dollar supply within the banking system and ongoing interventions aimed at reducing the gap between official and unofficial exchange rates.
However, traders noted that pressure on the naira persists due to steady demand for foreign exchange from importers, manufacturers, travellers, and others conducting transactions outside the formal banking system.
Despite this, the gap between the official NFEM rate and the parallel market remained relatively narrow, indicating continued efforts by monetary authorities to stabilise the forex market and boost investor confidence.