The Nigerian naira recorded a relatively stable performance against the United States dollar on Friday, May 8, 2026, across both official and parallel foreign exchange markets, as traders continued to monitor liquidity levels and interventions by monetary authorities.
In the official Nigerian Foreign Exchange Market (NFEM), the naira traded around the ₦1,362 to ₦1,370 per dollar range, with average rates hovering near ₦1,366/$ in recent sessions.
According to market data linked to the Central Bank of Nigeria, the exchange rate stability has been supported by improved dollar supply and ongoing regulatory measures aimed at stabilizing the foreign exchange market.
In the parallel market, commonly referred to as the black market, the dollar exchanged at approximately ₦1,385 for buying and between ₦1,395 and ₦1,400 for selling, depending on location and transaction volume.
Traders in Lagos and Abuja reported that while the gap between official and street rates has narrowed, demand pressures from importers, travelers, and businesses continue to influence daily forex movements.
Analysts noted that the relative stability of the naira reflects improved liquidity in the official market and sustained policy efforts by the monetary authorities to manage volatility.
However, they also warned that persistent foreign exchange demand could continue to put pressure on the currency unless supply increases significantly.
Overall, the market outlook remains cautious as participants await further policy direction and inflows that could strengthen forex stability in the coming weeks within Nigeria.
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