The Nigerian Naira recorded slight gains against the United States Dollar on Wednesday, May 6, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market amid improved forex liquidity and increased interbank activity.
Data from the Central Bank of Nigeria indicated that the naira appreciated to about ₦1,362 per dollar in the NFEM, compared to around ₦1,367.5 traded earlier in the week. The official market also recorded increased turnover as demand and supply activities strengthened.
In the parallel market, also known as the black market, the naira traded at approximately ₦1,382 per dollar, improving from around ₦1,387 recorded on Monday. Forex dealers in Lagos and Abuja quoted buying rates between ₦1,385 and ₦1,390, while selling rates ranged up to ₦1,400 depending on location and transaction size.
Market analysts attributed the modest appreciation to improved dollar supply in the banking sector and sustained interventions aimed at narrowing the gap between the official and unofficial foreign exchange markets.
Traders, however, noted that pressure on the naira remains due to persistent demand for foreign exchange from importers, manufacturers, travellers, and individuals seeking invisible transactions outside official banking channels.
The spread between the official NFEM rate and the parallel market rate remained relatively moderate, reflecting continued efforts by monetary authorities to stabilise the forex market and improve investor confidence.
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