Currency news today Nigeria – The Nigerian foreign exchange market opened on Wednesday, May 6, 2026, with the naira showing mixed performance against major global currencies.
Although the official market remains relatively stable, the parallel market continues to reflect strong demand for foreign exchange, especially for the US dollar. As a result, a noticeable gap still exists between both markets.
Meanwhile, traders report moderate liquidity in the Nigerian Foreign Exchange Market (NFEM). Bureau de Change operators also continue to adjust rates based on supply and demand.
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Currency news today in Nigeria – May 6, 2026
| Currency | Official Market Rate (₦) | Parallel / Black Market Rate (₦) | Mid-Market / Indicative Rate (₦) |
|---|---|---|---|
| US Dollar (USD) | ₦1,390 – ₦1,405 | ₦1,420 – ₦1,440 | ₦1,400 |
| Euro (EUR) | ₦1,520 – ₦1,550 | ₦1,650 – ₦1,690 | ₦1,610 |
| British Pound (GBP) | ₦1,820 – ₦1,850 | ₦1,950 – ₦1,990 | ₦1,900 |
| Chinese Yuan (CNY) | ₦190 – ₦195 | ₦198 – ₦205 | ₦192 |
| Japanese Yen (JPY) | ₦9.8 – ₦10.2 | ₦10.5 – ₦11.0 | ₦10.1 |
| Canadian Dollar (CAD) | ₦1,020 – ₦1,050 | ₦1,080 – ₦1,110 | ₦1,040 |
| Swiss Franc (CHF) | ₦1,520 – ₦1,550 | ₦1,600 – ₦1,650 | ₦1,540 |
| Saudi Riyal (SAR) | ₦368 – ₦375 | ₦380 – ₦390 | ₦370 |
| UAE Dirham (AED) | ₦372 – ₦378 | ₦385 – ₦395 | ₦374 |
Market Analysis
First, the naira remains under pressure due to persistent demand for foreign currency. However, improved foreign exchange inflows have helped to stabilize the official rate.
In addition, global economic trends continue to influence exchange rates. For example, movements in the US dollar and global oil prices often affect Nigeria’s foreign exchange market.
What This Means for Nigerians
- Importers may continue to face higher costs
- Travelers should monitor rates before exchange
- Businesses must plan for exchange rate volatility
Final Note
Exchange rates change frequently during the day. Therefore, always confirm rates with your bank or Bureau de Change before making any transaction.
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