Dollar Trades Between ₦1,374 and ₦1,400 as Naira Shows Stability

The Nigerian naira maintained relative stability against the US dollar on May 5, 2026, across both the official market and the parallel segment.

According to figures from the Central Bank of Nigeria, the official Nigerian Foreign Exchange Market (NFEM) recorded an average rate of about ₦1,374 per dollar, with a trading band between ₦1,362 and ₦1,378.

Meanwhile, in the parallel market, Bureau De Change operators in Lagos and Abuja quoted the dollar at approximately ₦1,385 for buying and ₦1,400 for selling.

The spread between the two markets remained contained, reflecting ongoing efforts by the Central Bank to improve foreign exchange supply in the official window.

Market participants noted that demand for dollars remains high, particularly from importers and travellers, keeping pressure on the currency outside the banking system.

Experts also pointed out that oil price trends, Nigeria’s foreign reserves, and policy interventions by monetary authorities will likely shape the naira’s performance in the coming days.

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