The Nigerian Naira maintained relative stability against the United States Dollar on Friday, May 8, 2026, amid continued monitoring by the Central Bank of Nigeria.
At the official Nigerian Foreign Exchange Market (NFEM), the naira traded around ₦1,366 to one dollar.
Data from the CBN exchange rate portal showed that the currency fluctuated mildly between approximately ₦1,362 and ₦1,370 during trading activities.
Analysts attributed the movement to changing supply and demand conditions within the foreign exchange market.
In the parallel market, also known as the black market, traders in major commercial centres such as Lagos and Abuja exchanged the dollar at about ₦1,385 for buying rates.
Selling prices ranged between ₦1,395 and ₦1,400 depending on negotiation strength and transaction volume.
Market observers noted that the gap between the official and parallel market rates has remained relatively narrow compared to previous periods.
They linked the development to improved forex liquidity and continued interventions by the Central Bank aimed at stabilising the naira and discouraging speculative activities.
However, demand for foreign exchange from importers, travellers, and businesses continues to place pressure on the market.
Analysts also said investors and traders remain cautious as they monitor future policy directions, oil revenue performance, and expected foreign currency inflows in the coming weeks.
The exchange rate remains one of the key indicators closely watched by businesses and consumers due to its impact on inflation, imports, and the overall cost of living in Nigeria.
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