- The naira extended its appreciation against the United States dollar in the official foreign exchange market
- New exchange rate data from the CBN showed the naira strengthened further at the NFEM window
- Traders who spoke to Legit.ng disclosed that the naira at the black market remains close to N1,400 per dollar
The Nigerian currency, the naira, appreciated against the United States dollar in the official foreign exchange market on Thursday, May 7, 2026.
Data published by the Central Bank of Nigeria (CBN) showed that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,355.85/$1 at the end of trading on Thursday.
Photo: Bloomberg
Source: Getty Images
Thursday’s exchange rate represented a N1.49 or 0.11% appreciation compared to Wednesday’s closing rate of N1,357.34/$1 in the official market.
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The naira also strengthened against the pound sterling in the official market, gaining N2.02 to close at N1,845.18/£1 compared to Wednesday’s rate of N1,847.20/£1.
Against the euro, the local currency appreciated by N1.74 to settle at N1,593.26/€1, compared to the previous session’s N1,595.00/€1.
Naira trades mixed at the black market
In the parallel market, also known as the black market, the naira traded at a weaker rate against the dollar despite gains in the official market.
A Bureau De Change trader, Abudulahi, who spoke to Legit.ng, disclosed that the dollar traded at N1,387/$1 for buying and N1,397/$1 for selling on Thursday.
He said:
“Currency cash rates showed the dollar buying rate at N1,387 and selling rate at N1,397.
“The pound traded at N1,865 for buying and N1,880 for selling, while the euro exchanged at N1,605 buying and N1,615 selling.”
Meanwhile, the GTBank FX desk maintained its exchange rate for international transactions on naira cards at N1,375/$1 on Thursday.
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Photo: Bloomberg
Source: Getty Images
Snapshot of naira rates in the official market
Based on CBN-published rates, below is a breakdown of the naira’s performance against other foreign currencies in the NFEM market:
- CFA: N2.43
- Yuan/Renminbi: N199.32
- Danish Krona: N213.57
- Euro: N1,593.26
- Yen: N8.67
- Riyal: N361.46
- South African Rand: N83.17
- Swiss Franc: N1,744.31
- Pounds Sterling: N1,845.18
- US Dollar: N1,355.85
- UAE Dirham: N369.11
Nigeria’s external reserves decline
Despite the appreciation of the naira, Nigeria’s external reserves continued their downward trend.
Available data showed that the reserves declined by $7.73 million to $48.32 billion as of May 6, 2026, from $48.33 billion recorded previously.
UBA, Zenith lead as investors share N2.09trn
We earlier reported that the stock market extended its bullish run, with investors gaining N2.09 trillion as pushed equities into positive territory.
The rally was driven by sustained demand in consumer goods, industrial, and banking stocks, despite weak overall market breadth.
The benchmark NGX All-Share Index (ASI) rose by 1.48% to 222,837.68 points from 219,585.20 points recorded on Wednesday.