The Nigerian naira edged lower versus the US dollar on the official foreign-exchange window on Friday, closing out the week on a slightly weaker footing, while the parallel market held steady. The move comes as investors watch the trajectory of the country’s foreign reserves.
Key takeaways
- On Friday, the naira fell to N1,361.39 per dollar at the official market.
- That followed Thursday’s official rate of N1,355.85, marking a daily decline of N5.54.
- In the black market, the exchange rate was unchanged at N1,393 per dollar on Friday.
- Foreign reserves in Nigeria were $48.33 billion as of May 7, 2026.
- Overall performance during the week was mixed between the official and parallel exchange markets.
Official market slips; parallel market unchanged
The central bank’s figures show that the naira depreciated against the dollar on Friday in the official foreign exchange market. The currency weakened to N1,361.39 per dollar, compared with N1,355.85 traded on Thursday. Measured on a day-to-day basis, this represents a fall of N5.54 versus the US dollar at the official window.
By contrast, the parallel or black market rate did not move. The naira was quoted at N1,393 per dollar on Friday, the same level as the previous day, indicating stability in that segment of the market even as the official rate slid.
Weekly pattern and reserves remain in focus
Across the week, the naira’s performance was uneven depending on the exchange channel. While the official market saw a decline from Thursday to Friday, the black market remained flat over the same period. The broader weekly picture therefore reflected mixed movement between the two pricing mechanisms.
Attention is also on Nigeria’s external buffers. Foreign reserves stood at $48.33 billion as of May 7, 2026, with the report noting that the country’s external reserves have continued to trend downward in recent weeks.
