The Nigerian naira traded within a relatively stable range against the United States dollar on Friday, May 8, 2026, as the official Nigerian Foreign Exchange Market (NFEM) rate hovered around ₦1,366/$1.
Data from the Central Bank of Nigeria exchange rate portal showed the official market maintaining relative stability in recent trading sessions, with rates fluctuating mildly between ₦1,362 and ₦1,370 per dollar.
Currency traders linked the movement to changing supply and demand conditions in the foreign exchange market.
In the parallel market, also known as the black market, dealers in major commercial centres including Lagos and Abuja bought the dollar at about ₦1,385 and sold between ₦1,395 and ₦1,400, depending on transaction volume and negotiations.
Market analysts said the relatively narrow gap between the official and parallel market rates reflects improved forex liquidity in the formal market.
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They also credited ongoing interventions by the Central Bank of Nigeria aimed at stabilising the naira and curbing speculative trading activities.
Despite the relative stability, demand pressure from importers, international travellers, and businesses seeking foreign exchange continues to weigh on the market.
Analysts added that traders remain cautious as they monitor future policy directions and expected dollar inflows in the coming weeks.
