The Nigerian currency, Nigerian Naira, began the first week of May on a relatively le note against the United States Dollar across key segments of the foreign exce market.
Data from the Nigerian Foreign Exce Market shows that the Naira is currently trading at an official rate of N1,375.98 per dollar. Early trading activities on Monday, May 4, 2026, recorded slight fluctuations, with the currency briefly touching N1,376.00 before settling, indicating marginal strengthening from earlier levels.
In the parallel market, also known as the black market, the Naira continues to trade at a premium compared to the official window. Bureau De Ce operators in major commercial centers like Lagos and Abuja are quoting the dollar at an average buying rate of N1,410, with selling prices varying depending on transaction size and location.
The persistent gap between the official and parallel market rates reflects ongoing efforts by the Central Bank of Nigeria to sustain liquidity in the formal market, even as demand for foreign exce remains steady.
Other major currencies also show active trading in the parallel market. The British Pound Sterling is excing at about N1,720, while the Canadian Dollar trades near N1,035.
Financial analysts note that the Naira’s performance remains closely tied to global oil price trends and domestic monetary policies. Market participants are watching trading volumes this week to assess whether the currency can maintain its current ility or come under renewed pressure as demand rises later in the month.
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