The Nigerian naira posted mild appreciation against the United States dollar on Thursday, May 7, 2026, in both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, supported by improved liquidity and continued interventions by the Central Bank of Nigeria.
Figures from the Central Bank of Nigeria showed the naira strengthening to around ₦1,361 per dollar at the NFEM, compared to approximately ₦1,362 in the previous trading session. The official market also recorded higher trading volumes as activity picked up.
In the parallel market, commonly referred to as the black market, the dollar exchanged at about ₦1,380, a slight improvement from roughly ₦1,382 seen earlier in the week. Traders in Lagos and Abuja noted that rates still fluctuated depending on demand, location, and transaction size.
The difference between official and parallel market rates remained at about ₦21, reflecting ongoing pressure in the retail forex segment even as stability persists in the banking window.
Market operators linked the naira’s slight stability to sustained Central Bank policies designed to improve dollar supply and curb volatility. However, they noted that demand pressures from importers, travellers, and businesses continue to weigh on the market.
Interbank activity also strengthened, with turnover rising significantly to about $158.2 million from $71.6 million in the previous session, signalling increased participation.
Analysts expect the naira to maintain a relatively steady range in the short term, depending on foreign exchange inflows and the stability of external reserves.