Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, May 7, 2026
The Nigerian naira recorded slight gains against the United States dollar on Thursday, May 7, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market amid improved forex liquidity and sustained interventions by the Central Bank of Nigeria.
Data from the Central Bank of Nigeria showed that the naira appreciated to about ₦1,361 per dollar at the NFEM, compared to roughly ₦1,362 traded in the previous session. The official market also witnessed stronger turnover as trading activity increased.
In the parallel market, also known as the black market, the dollar traded around ₦1,380 per dollar on Thursday, improving slightly from ₦1,382 recorded earlier in the week. Forex dealers in Lagos and Abuja said buying and selling rates continued to vary depending on transaction size and location.
The gap between the official and parallel market rates stood at about ₦21, reflecting continued pressure in the retail forex segment despite relative stability in the banking window.
Currency traders attributed the naira’s stability to ongoing CBN policies aimed at boosting liquidity and reducing volatility in the foreign exchange market. Analysts also noted that demand from importers, travelers, and businesses seeking foreign currency remained high.
At the interbank market, turnover reportedly rose sharply to about $158.2 million from $71.6 million recorded in the previous trading session, indicating stronger market participation.
Market observers expect the naira to continue trading within a relatively stable range in the near term, provided forex inflows improve and external reserves remain steady.
Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.
