The Nigerian 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 across Nigeria’s foreign exchange market.
Data released by the Central Bank of Nigeria showed 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 linked 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 showed that the naira has largely remained within the ₦1,370 to ₦1,390 range over the past week, signalling reduced volatility compared to previous periods of sharp fluctuations.
Financial analysts noted that investors and businesses are closely monitoring liquidity levels, Nigeria’s external reserves, and monetary policy decisions, which continue to influence exchange rate movements.
The Central Bank of Nigeria has repeatedly stated that its ongoing foreign exchange reforms are targeted at improving market transparency, strengthening investor confidence, and ensuring long-term stability for the naira.
