Naira to Dollar exchange rate today, Wednesday, May 6, 2026
The Nigerian naira recorded a slight appreciation against the United States dollar on Wednesday, May 6, 2026, trading at ₦1,362 per dollar at the official Nigerian Foreign Exchange Market (NFEM), compared to ₦1,367.5/$ earlier in the week, as improved forex liquidity boosted market activity.
Fresh data released by the Central Bank of Nigeria showed that the local currency posted modest gains in the official market as interbank trading activities strengthened and dollar supply improved.
The official foreign exchange window also witnessed increased turnover, signalling stronger participation from market players amid ongoing efforts to stabilise the naira.
Parallel market records modest gain
At the parallel market, commonly referred to as the black market, the naira traded at approximately ₦1,382 per dollar, showing improvement from the ₦1,387/$ recorded on Monday.
Forex dealers across Lagos and Abuja quoted buying rates between ₦1,385 and ₦1,390, while selling rates climbed to as high as ₦1,400, depending on location and transaction volume.
The narrowing difference between the official and unofficial market rates reflects gradual progress in monetary authorities’ attempts to unify pricing across the foreign exchange market.
Analysts cite stronger dollar supply
Financial analysts linked the naira’s latest gains to increased dollar inflows into the banking system and sustained interventions designed to ease pressure on the foreign exchange market.
They noted that improved liquidity has helped moderate volatility and encouraged more confidence among investors and market participants.
However, traders warned that demand pressure remains significant, driven by importers, manufacturers, international travellers, and individuals seeking forex for transactions outside official banking channels.
Despite the recent appreciation, market observers said the naira’s long-term stability will depend on consistent forex inflows, stronger export earnings, and broader economic reforms aimed at boosting investor confidence.