The exchange rate for the US Dollar to the Nigerian Naira has shown a slight upward trend as we enter the first weekend of May 2026.
As of Saturday, May 2, 2026, the Naira is trading at approximately ₦1,375.98 at the official window.
Exchange Rate Breakdown (May 2, 2026)
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Official Rate (NAFEM): ₦1,375.98 per $1.
The Naira has weakened slightly over the past week, moving from ₦1,351.67 on April 26 to its current position.
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Black Market (Parallel Market) Rate: While official figures sit around ₦1,375, the parallel market is currently trading in the range of ₦1,390 – ₦1,410 per $1, depending on the location and the volume of the transaction.
Weekly Trend Analysis
The Naira saw a steady decline in value throughout the last week of April:
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Monday, April 27: ₦1,358.73
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Wednesday, April 29: ₦1,374.57
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Friday, May 1: ₦1,375.98
What is driving the rate?
Market analysts attribute the current pressure on the Naira to increased demand for foreign exchange by importers and manufacturers as they stock up for the second quarter of the year. Additionally, the recent announcement of President Tinubu’s three-nation tour is being watched by investors for potential bilateral trade agreements that could impact future liquidity in the FX market.
