The Nigerian naira experienced a decline against the United States dollar in the official foreign exchange market on Friday, May 8, 2026. Data from the Nigerian Foreign Exchange Market (NFEM) revealed that the naira closed at N1,361.39 per dollar, representing a depreciation of N5.54 or 0.41 percent compared to the previous day's closing rate of N1,355.85 per dollar.
Naira Weakens Against Major Currencies
In the official market, the naira also lost ground against the British pound sterling, depreciating by N8.50 to close at N1,853.68 per pound from Thursday's rate of N1,845.18 per pound. Against the euro, the local currency fell by N9.37, settling at N1,602.63 per euro compared to the previous session's N1,593.26 per euro.
Mixed Performance at GTBank FX Desk
At the GTBank foreign exchange desk, however, the naira appreciated against the US dollar by N3 to trade at N1,372 per dollar, compared with Thursday's closing value of N1,375 per dollar. This indicates some variation across different trading platforms.
Parallel Market Rates Remain Stable
In the parallel market, commonly referred to as the black market, the exchange rate remained unchanged at N1,380 per dollar. A Bureau de Change (BDC) trader named Abdullahi shared the latest rates: the US dollar was buying at N1,384 and selling at N1,394, showing slight adjustments. The British pound sterling traded at a buying rate of N1,860 and a selling rate of N1,875, reflecting steady demand pressure. The euro was buying at N1,600 and selling at N1,616, with relatively mild movements.
Market Outlook and CBN Efforts
Despite the mixed performance, traders indicated that the naira remained within the expected trading range, reflecting ongoing foreign exchange stabilisation efforts by the Central Bank of Nigeria (CBN). Market participants noted that improved liquidity, stronger autonomous inflows, and better price discovery continued to support the FX market.
Nigeria's External Reserves Decline
Meanwhile, Nigeria's external reserves dropped by 3.4 percent to $48.32 billion from the $50.02 billion recorded on March 11, which was the highest level since 2009. This decline may impact future exchange rate stability.
Snapshot of Naira Rates in the Official Market
Based on published exchange rate data, here is a breakdown of the naira's performance against other foreign currencies in the official market at the end of the last trading day:
- CFA: N2.43
- Yuan/Renminbi: N200.18
- Danish Krona: N214.43
- Euro: N1,602.63
- Yen: N8.69
- Riyal: N362.88
- South African Rand: N83.03
- SDR: N1,869.71
- Swiss Franc: N1,749.64
- Pounds Sterling: N1,853.68
- US Dollar: N1,361.40
- WAUA: N1,868.28
- UAE Dirham: N370.62
Naira Ranks High Among Best-Performing Currencies
Legit.ng reported that Nigeria's naira has staged a stunning comeback in 2026, emerging as one of the continent's strongest currencies and capturing the attention of investors worldwide. Despite raging geopolitical tensions and wild swings in global markets, the naira now ranks second-best performing African currency against the US dollar year-to-date, trailing only the Zambian kwacha.
