Naira Maintains Stability Across Markets
The Nigerian naira traded within a stable range against the United States dollar on May 5, 2026. Activity remained steady across both the official and parallel foreign exchange markets.
Data from Central Bank of Nigeria showed that the official rate hovered around ₦1,374 per dollar. Trading ranged between ₦1,362 and ₦1,378 during the session.
Parallel Market Rates Remain Slightly Higher
In the parallel market, also known as the black market, rates were slightly higher. Bureau De Change operators in Lagos and Abuja quoted the dollar at about ₦1,385 for buying and ₦1,400 for selling.
Prices varied based on transaction size and location.
Gap Between Markets Stays Moderate
The gap between the official and parallel market rates remained moderate. This trend reflects ongoing efforts by the Central Bank of Nigeria to improve dollar supply in the formal market.
Market observers say the relative stability signals gradual progress in forex management.
Demand Pressure Keeps Market Cautious
Despite the stability, demand for foreign exchange remains high. Importers, travellers, and businesses continue to seek dollar supply.
Many still rely on alternative channels outside the banking system. This keeps pressure on the market and limits stronger gains for the naira.
Key Factors to Watch This Week
Analysts say several factors will shape the naira’s direction in the coming days. These include crude oil prices, foreign reserve levels, and monetary policy decisions.
Any major shift in these indicators could influence exchange rate movements. For now, the naira remains stable but under close watch.
