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The Naira held relatively steady against the US dollar on Tuesday, May 5, 2026, across both the official and parallel markets, offering a brief sense of calm in the forex environment.
Figures from the Central Bank of Nigeria show that the official rate in the Nigerian Foreign Exchange Market (NFEM) hovered around ₦1,374 to the dollar, trading within a narrow band of roughly ₦1,362 to ₦1,378.
On the streets, however, the picture was slightly different. In the parallel market, Bureau De Change operators in Lagos and Abuja quoted the dollar at about ₦1,385 for buying and close to ₦1,400 for selling, depending on location and transaction size.
The gap between both markets remained fairly contained, largely due to ongoing efforts by the Central Bank to improve dollar supply in the official window. Still, traders say demand for foreign exchange remains strong, driven by importers, travellers, and businesses sourcing dollars outside the banking system.
Market watchers note that the naira’s direction in the coming days will likely depend on movements in global oil prices, Nigeria’s foreign reserves, and policy decisions aimed at stabilising the currency.
