The naira traded at around ₦1,375.41 against the United States dollar at the official Nigerian Foreign Exchange Market (NFEM) on Thursday, May 28, 2026, while the parallel market rate hovered around ₦1,390, reflecting continued stability in Nigeria’s foreign exchange market.
Data released by the Central Bank of Nigeria showed that the local currency maintained the relatively steady performance recorded in recent trading sessions at the official window.
At the parallel market, commonly referred to as the black market, the dollar traded at an average buying rate of about ₦1,378 and a selling rate of approximately ₦1,390 on Thursday morning.
Currency dealers attributed the narrow gap between the official and parallel market rates to improved foreign exchange liquidity and sustained interventions by the Central Bank of Nigeria.
Market figures also indicate that the naira has largely remained within the ₦1,370 to ₦1,390 range over the past week, suggesting reduced volatility compared to earlier periods of sharp fluctuations.
Financial analysts say investors and businesses are closely watching liquidity levels, Nigeria’s external reserves, and monetary policy decisions, all of which continue to influence exchange rate movements.
The Central Bank of Nigeria has maintained that its ongoing foreign exchange reforms are aimed at improving market transparency, strengthening investor confidence, and ensuring long-term stability for the naira.
