Official, Black Market Dollar Rates Narrow as Naira Holds Ground

Official, Black Market Dollar Rates Narrow as Naira Holds Ground

The Nigerian naira recorded relative stability against the United States dollar on Friday, May 29, 2026, across both the official and parallel foreign exchange markets, reflecting improved liquidity conditions and sustained interventions by monetary authorities.

Latest figures from the Central Bank of Nigeria showed that the official dollar to naira exchange rate at the Nigerian Foreign Exchange Market stood at ₦1,375.41/$, indicating only marginal movement from recent trading sessions.

The stability at the official window comes as the apex bank continues efforts to boost liquidity and improve transparency in the foreign exchange market through sustained reforms and market-driven pricing mechanisms.

At the black market, also known as the parallel market, the dollar to naira exchange rate today traded at an average buying rate of ₦1,378/$ and a selling rate of about ₦1,390/$, according to data from currency traders.

This places the gap between the official exchange rate and the black market dollar to naira rate at less than ₦15, a significant improvement compared to wider spreads recorded earlier this year.

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Market analysts said the narrowing spread signals stronger confidence in the foreign exchange system and reflects improved supply of foreign currency through formal channels.

Recent trading patterns show the naira to dollar exchange rate has remained within the ₦1,360 to ₦1,390 per dollar range throughout May, despite continued demand from importers, manufacturers, airlines and individuals making foreign payments.

Currency dealers noted that demand for the greenback remains steady, driven by business transactions, international school fee payments, medical expenses abroad and import financing.

Analysts also linked the naira’s relative stability to improved autonomous FX inflows, stronger diaspora remittances and the Central Bank’s continued monitoring of the market.

The Central Bank of Nigeria has repeatedly maintained that its foreign exchange reforms are designed to enhance market efficiency, improve price discovery and attract investor confidence.

Economic experts, however, warned that sustaining the current stability will depend on consistent FX inflows, stronger crude oil earnings and broader macroeconomic stability.

For businesses and consumers, the current exchange rate offers temporary relief from price volatility, although traders remain cautious as global oil prices and external market pressures continue to influence Nigeria’s foreign exchange outlook.

Official, Black Market Dollar Rates Narrow as Naira Holds Ground