- The Nigerian currency depreciated against the United States dollar in the official foreign exchange market
- Latest data showed that the naira weakened further against major foreign currencies in the NFEM window
- Improved dollar liquidity and inflows from exporters, foreign investors could support the naira in the future
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian currency, the naira, depreciated against the United States dollar in the official market on Friday, May 8.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira closed at N1,361.39/$1, representing a depreciation of N5.54 or 0.41% compared to the previous day’s closing rate of N1,355.85/$1.
Photo: Bloomberg
Source: Getty Images
The naira also weakened against the pound sterling in the official market, losing N8.50 to close at N1,853.68/£1 from Thursday’s rate of N1,845.18/£1.
Against the euro, the local currency depreciated by N9.37 to settle at N1,602.63/€1 compared to the previous session’s N1,593.26/€1.
Read also
MTN announces new pay package for chairman, directors after paying employees N2.4m monthly
Naira records mixed performance at parallel market
At the GTBank FX desk, however, the naira appreciated against the US dollar by N3 to trade at N1,372/$1, compared with Thursday’s closing value of N1,375/$1.
Meanwhile, in the parallel market, also known as the black market, the exchange rate remained unchanged at N1,380/$1.
Abudullahi a BDC trader shared the latest exchange rate:
“The US dollar is currently buying at N1,384 and selling at N1,394, showing slight adjustments in the market compared to earlier rates.
“The British pound sterling trades at a buying rate of N1,860 and a selling rate of N1,875, reflecting steady demand pressure.
“The euro is buying at N1,600 and selling at N1,616, with relatively mild movements in the FX market.”
Despite the mixed performance, traders said the naira remained within the expected trading range, reflecting ongoing foreign exchange stabilisation efforts by the Central Bank of Nigeria (CBN).
According to market participants, improved liquidity, stronger autonomous inflows, and better price discovery continued to support the FX market.
Photo: Bloomberg
Source: Getty Images
Nigeria’s external reserves decline
Meanwhile, Nigeria’s external reserves dropped by 3.4% to $48.32 billion from the $50.02 billion recorded on March 11, which was the highest level since 2009.
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 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.
Source: Legit.ng