CBN Announces New Dollar Exchange Rates as Naira Rises

The Nigerian currency, the naira, appreciated against the United States dollar in the official foreign exchange market on Thursday, May 7, 2026.

Data published by the Central Bank of Nigeria (CBN) showed that the Nigerian Foreign Exchange Market (NFEM) recorded a closing rate of N1,355.85/$1 at the end of trading on Thursday.

Thursday’s exchange rate represented a N1.49 or 0.11% appreciation compared to Wednesday’s closing rate of N1,357.34/$1 in the official market

The naira also strengthened against the pound sterling in the official market, gaining N2.02 to close at N1,845.18/£1 compared to Wednesday’s rate of N1,847.20/£1.

Against the euro, the local currency appreciated by N1.74 to settle at N1,593.26/€1, compared to the previous session’s N1,595.00/€1.

Naira trades mixed at the black market

In the parallel market, also known as the black market, the naira traded at a weaker rate against the dollar despite gains in the official market.

A Bureau De Change trader, Abudulahi, who spoke to Legit.ng, disclosed that the dollar traded at N1,387/$1 for buying and N1,397/$1 for selling on Thursday.

He said: “Currency cash rates showed the dollar buying rate at N1,387 and selling rate at N1,397. “The pound traded at N1,865 for buying and N1,880 for selling, while the euro exchanged at N1,605 buying and N1,615 selling.”

Meanwhile, the GTBank FX desk maintained its exchange rate for international transactions on naira cards at N1,375/$1 on Thursday.