The Nigerian naira posted modest gains against the United States dollar on Thursday, May 7, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market amid improved forex liquidity and continued interventions by the Central Bank of Nigeria (CBN).
According to data from the CBN, the naira appreciated slightly at the official market, trading at about ₦1,361 per dollar compared to approximately ₦1,362 recorded in the previous trading session. Market turnover also rose significantly as trading activities increased.
At the parallel market, commonly known as the black market, the dollar exchanged at around ₦1,380 on Thursday, showing a slight improvement from the ₦1,382 rate recorded earlier in the week.
Forex traders in Lagos and Abuja noted that buying and selling rates continued to vary depending on transaction size and location.
Despite the relative stability at the official market, the gap between the official and parallel market rates remained around ₦21, highlighting continued pressure within the retail foreign exchange segment.
Currency dealers attributed the naira’s steady performance to the CBN’s sustained efforts to boost liquidity and reduce volatility in the forex market. Analysts also noted that demand for foreign exchange from importers, travelers, and businesses remained high.
Reports further indicated that turnover at the interbank foreign exchange market increased significantly to about $158.2 million from $71.6 million recorded in the previous session, reflecting stronger market participation.
Market analysts expressed optimism that the naira could maintain relative stability in the short term, especially if foreign exchange inflows improve and Nigeria’s external reserves remain stable.