Posted by Chinenye on Tue 05th May, 2026 - tori.ng
The Nigerian Naira showed relative stability on May 5, 2026, as it traded within a narrow range across both the official and parallel foreign exchange markets in Nigeria.
On Tuesday, May 5, 2026, both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market saw the Nigerian Naira move within a comparatively stable range in relation to the US dollar.
The official NFEM rate was at ₦1,374 per dollar, with trading bands between roughly ₦1,362 and ₦1,378, according to data from the Central Bank of Nigeria's exchange rate portal.
Depending on transaction volume and location, Bureau De Change operators in Lagos and Abuja offered the dollar at roughly ₦1,385 for purchases and ₦1,400 for sales in the parallel market, also referred to as the black market.
According to reports, as the Central Bank of Nigeria continued to work to increase dollar liquidity in the official forex window, the difference between the official and parallel market rates stayed modest.
Currency traders observed that despite persistent demand pressure for foreign exchange from importers, tourists, and companies looking for dollar supplies outside of the banking system, market attitude has remained cautious.
Analysts added that changes in crude oil prices, foreign reserve levels, and monetary policy initiatives meant to stabilize the foreign exchange market might all have an impact on the naira's trajectory this week.