The Nigerian Naira recorded a slight improvement against the United States Dollar on Wednesday, May 6, 2026, in both the official and unofficial foreign exchange markets. The movement was linked to slightly better dollar availability and increased trading activity within the banking system.
Figures from the Central Bank of Nigeria showed that in the official Nigerian Foreign Exchange Market (NFEM), the naira traded at about ₦1,362 per dollar. This is stronger than the earlier rate of around ₦1,367.5 seen earlier in the week. Market activity also picked up as more transactions were recorded between buyers and sellers.
In the black market, also known as the parallel market, the naira also gained slightly. It exchanged at about ₦1,382 per dollar, improving from around ₦1,387 recorded on Monday. Currency dealers in major cities like Lagos and Abuja said buying prices ranged between ₦1,385 and ₦1,390, while selling prices went as high as ₦1,400 depending on the size of the transaction and location. 
Financial analysts said the mild gain was mainly due to improved dollar supply from the banking system, as well as ongoing efforts by authorities to reduce pressure between the official and unofficial exchange rates.
However, traders explained that demand for foreign currency is still high, especially from importers, manufacturers, travellers, and people who prefer transactions outside the banking system. This continues to put pressure on the local currency.
Despite the small gain, the gap between the official rate and the parallel market remains, although it is not very wide. Analysts say this shows continued attempts by monetary authorities to bring more stability to the foreign exchange market and support confidence in the naira.
