Exchange Rate Update: Naira Stabilizes Around N1,374/$ as New Month Begins
- The Naira opened on May 1, 2026, trading around ₦1,374–₦1,375 per Dollar in both the official and parallel markets
- Rates in the black market closely matched the official window, while the Pound and Canadian Dollar saw slightly higher demand
- This stability is linked to Central Bank interventions, though inflation and global oil prices remain key concerns
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Nigerian Naira began the new month with minor ups and downs against the US Dollar in both the official and informal foreign exchange markets.
As of the early hours of Friday, May 1, 2026, figures from the Nigerian Foreign Exchange Market (NFEM) and currency traders in Lagos and Abuja show that the Naira is still trying to settle at a stable level.
Source: UGC
Official Market rate opens at N1,374
At the official market, the Naira opened at around ₦1,374.69 per Dollar. This comes after slight fluctuations recorded toward the end of April.
Analysts say the Central Bank’s supply of foreign currency continues to play a key role in keeping the exchange rate within this range, especially since the previous day closed close to ₦1,375.
Demand remains steady, mainly for trade-related transactions, while the difference between the highest and lowest rates recorded early in the day was small, suggesting a careful and measured start to the month.
Parallel market rate remains steady
In the parallel market, often called the black market, the Dollar is trading at nearly the same rate as the official market. Bureau De Change (BDC) operators are quoting between ₦1,374 and ₦1,376 per Dollar.
This close alignment between both markets is seen as a positive sign, as it discourages arbitrage and currency hoarding.
However, some traders have noticed a slight rise in demand for other foreign currencies. The British Pound is selling for about ₦1,735, while the Canadian Dollar is around ₦1,010 in the parallel market.
Global, local economic outlook
The relative stability of the Naira at the start of May is largely linked to ongoing interventions and efforts to monitor foreign currency inflows.
Even so, experts are watching key factors like global oil prices and Nigeria’s inflation rate, as these will likely influence where the Naira heads next.
Source: Facebook
For everyday Nigerians, the smaller gap between official and parallel market rates makes financial planning a bit easier. Still, the high cost of imports continues to push up the prices of goods, especially consumer items and electronics.
African currencies tipped to extend gains
Meanwhile, Legit.ng previously reported that the naira is among several African currencies expected to strengthen further against the United States dollar in the coming days.
Other currencies projected to appreciate include Zambia’s kwacha, which is likely to remain resilient, supported by improving macroeconomic conditions and strong copper prices—the country’s major export.
While currencies in Kenya and Uganda are expected to remain relatively stable, Ghana’s cedi may weaken further due to sustained demand for dollars from the energy sector.
Source: Legit.ng
