The Nigerian naira strengthened versus the US dollar on Thursday in both the official foreign-exchange market and the unofficial street market, even as the country’s external reserves continued to edge lower.
Central Bank of Nigeria figures showed that at the official market the currency rose to 1,355.85 naira per dollar on Thursday, compared with 1,357.34 per dollar on Wednesday. On a day-to-day basis, that reflects a gain of about 1.5 naira against the greenback.
In the parallel market, the naira also improved, moving up by 3 naira to 1,393 per dollar on Thursday. This compared with 1,395 per dollar recorded on Wednesday.
Despite the currency’s modest advance, Nigeria’s external reserves kept shrinking. The central bank data indicated that reserves fell further to 48.32 billion dollars as of May 6, 2026, from 48.33 billion dollars reported the day before.
Earlier, on Wednesday, the naira had advanced more noticeably at the official market, while it held steady in the black market. The latest print suggests the official-market strengthening persisted, with the parallel-market rate showing a small follow-through on Thursday.
