The Nigerian naira traded at approximately ₦1,375.41 against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Friday, May 29, 2026.
At the parallel market, also known as the black market, the dollar exchanged between ₦1,378 and ₦1,390, indicating continued relative stability in the country’s foreign exchange market.
According to data released by the Central Bank of Nigeria (CBN), the naira recorded only marginal fluctuations compared to recent trading sessions.
Market analysts attributed the currency’s stability to improved foreign exchange liquidity, stronger inflows, and ongoing monetary interventions by the apex bank.
At the parallel market, the dollar traded at an average buying rate of ₦1,378 and a selling rate of about ₦1,390 during Friday’s trading session.
Foreign exchange traders noted that the difference between the official and parallel market rates remains significantly narrower than levels recorded in previous months.
Analysts believe increased confidence among investors and market participants, combined with improved foreign exchange supply, has helped ease pressure on the local currency in recent weeks.
Recent market activity has seen the naira fluctuate within the ₦1,360 to ₦1,390 range against the dollar across both official and unofficial trading windows.
Importers, manufacturers and other foreign exchange users continue to closely monitor supply conditions as demand for the US dollar remains steady.
Currency dealers also noted that despite ongoing demand pressures, interventions by the Central Bank have helped maintain stability within the foreign exchange market.
The Nigerian Foreign Exchange Market rate remains the country’s official benchmark exchange rate and is determined using a volume-weighted average of completed transactions within the regulated market.
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