The Nigerian naira traded mixed against the US dollar on Friday, May 1, 2026, as a persistent gap between the official and parallel exchange rates underscored ongoing liquidity constraints in Africa’s largest economy.
At the close of trading, the naira stood at ₦1,485 per dollar on the Nigerian Autonomous Foreign Exchange Market (NAFEM), the official window, according to FMDQ data. That marked a 0.4% depreciation from the previous session’s ₦1,479. On the parallel market often called the black market, the currency weakened further to ₦1,555–₦1,570 per dollar, widening the spread to nearly 6%.
The Central Bank of Nigeria (CBN) has kept its benchmark interest rate at 22.75% since March, while gradually clearing a backlog of foreign-exchange forwards estimated at $2.2 billion. Still, traders say U.S. dollar demand from importers and overseas tuition payments continues to outpace supply.
“The CBN’s FX interventions are stabilizing the official rate, but without a sustained rise in oil revenues or portfolio inflows, pressure on the parallel market will remain,” said Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise in Lagos.
Market participants are now watching two catalysts: Nigeria’s April oil output data, due next week, and the next CBN Monetary Policy Committee meeting on May 19. Any policy shift could narrow the gap or widen it further.
For businesses and individuals, the effective exchange rate depends on access. Banks process legitimate trade and remittance flows at the official rate, but many retail users still turn to the parallel market for hard currency.
Analysts at Lagos-based Vetiva Capital note that unless dollar inflows from foreign portfolio investors rebound strongly, the naira could test ₦1,500 on the official window within weeks.
As of 5:00 p.m. local time, the offshore one-month non-deliverable forward (NDF) implied a rate of ₦1,520, signaling continued depreciation expectations in the medium term.
