Naira to Dollar exchange rate today, Monday, May 4, 2026

The Nigerian Naira began the first week of May on a steady note, trading at an official rate of N1,375.98 per dollar, reflecting a marginal 0.02% appreciation compared to early session figures.

According to data from the Nigerian Foreign Exchange Market (NFEM), the local currency showed signs of stability against the United States Dollar across official trading windows.

Market activity in the early hours of Monday, May 4, 2026, recorded slight fluctuations, with the Naira briefly touching a high of N1,376.00 before settling near its current level.

This movement indicates a modest improvement from the N1,375.65 recorded earlier in the day, suggesting controlled volatility within the market.

Parallel Market Maintains Premium

In the parallel market, widely known as the black market, the Naira continues to trade at a premium compared to the official rate.

Bureau De Change (BDC) operators in key cities such as Lagos and Abuja quoted the dollar at an average buying rate of N1,410, while selling prices vary depending on transaction size and location.

The existing gap between the official NFEM rate and the parallel market highlights ongoing efforts by the Central Bank of Nigeria (CBN) to sustain liquidity in the formal market, despite persistent demand pressures.

For other major currencies, the British Pound is trading around N1,720 in the parallel market, while the Canadian Dollar exchanges at approximately N1,035.

Financial experts note that the foreign exchange market remains highly sensitive to global oil price trends and domestic monetary policies.

Investors and traders are expected to monitor trading volumes closely throughout the week to assess whether the Naira can maintain its current stability or come under renewed pressure as mid-month demand increases.