Currency Strengthens in Official Market
The Nigerian naira recorded a modest gain against the United States Dollar on Wednesday, May 6, 2026. The improvement appeared in both the official and parallel markets.
Data from the Central Bank of Nigeria showed the naira trading around ₦1,362 per dollar in the Nigerian Foreign Exchange Market (NFEM). This rate improved from about ₦1,367.5 earlier in the week.
Trading activity also increased as demand and supply strengthened within the official market.
Parallel Market Shows Similar Trend
In the parallel market, the naira traded near ₦1,382 per dollar. This reflects a slight gain from about ₦1,387 recorded earlier in the week.
Forex dealers in Lagos and Abuja quoted buying rates between ₦1,385 and ₦1,390. Selling rates reached as high as ₦1,400, depending on location and transaction size.
Improved Liquidity Drives Gains
Market analysts linked the appreciation to better dollar supply in the banking system. Increased interbank activity also supported the naira’s performance.
Efforts by monetary authorities to reduce the gap between official and unofficial markets have contributed to the improvement.
Pressure on Naira Persists
Despite the gains, demand for foreign exchange remains high. Importers, manufacturers, and travellers continue to seek dollars for transactions.
Individuals handling payments outside the banking system also contribute to demand pressure.
Gap Between Markets Remains Stable
The difference between official and parallel market rates stayed relatively narrow. This trend reflects ongoing efforts to stabilise the forex market and boost investor confidence.
