The Nigerian naira began the new month with slight movements against the US dollar, showing signs of stability across both official and parallel foreign exchange markets in early trading on Friday, May 1, 2026.
At the NFEM, data from the FMDQ Securities Exchange indicated that the currency opened around N1,374.69 per dollar. This follows minor volatility recorded in the closing sessions of April, with the previous day’s rate settling close to the ₦1,375 level.
Analysts say liquidity injections by the Central Bank of Nigeria continue to play a crucial role in keeping the naira within a stable range, even as demand persists for trade-related foreign exchange transactions. Early session activity showed a narrow spread between the high and low rates, reflecting cautious market sentiment at the start of the month.
In the parallel market, the naira traded almost at par with the official rate, with Bureau De Change operators in key cities such as Lagos and Abuja quoting between ₦1,374 and ₦1,376 per dollar.
This near convergence between both markets remains a notable development, reducing opportunities for arbitrage and speculative trading, while improving overall transparency in the foreign exchange system.
However, some traders reported a slight uptick in demand for other foreign currencies, with the British pound and Canadian dollar exchanging at approximately ₦1,735 and ₦1,010, respectively, in the informal market.
The current outlook reflects cautious optimism, as market participants continue to monitor external factors such as global oil prices and domestic inflation, both of which are key to the naira’s long-term performance.
While the narrowing gap between official and parallel rates offers more clarity for planning and transactions, the high cost of imports continues to exert pressure on consumer prices across the country.
The naira maintained a steady performance against the US dollar in early trading yesterday, Thursday, April 30, 2026, across both official and parallel foreign exchange markets, signalling sustained stability amid cautious investor sentiment.
At the official window, the Nigerian Foreign Exchange Market (NFEM), data from the FMDQ Securities Exchange showed the currency opened slightly stronger at ₦1,375.07 per dollar. The marginal appreciation reflects continued efforts by the Central Bank of Nigeria to stabilise the market through targeted interventions and improved liquidity management.
Despite modest fluctuations, demand remains steady at the official market, particularly from corporate players seeking foreign exchange for imports and other trade-related transactions.
In the parallel market, the naira mirrored this stability, with Bureau De Change operators in key cities such as Lagos, Abuja, and Kano quoting the dollar between ₦1,380 and ₦1,390.