Nigeria Forex Market Weekly Roundup — Week 4, May 2026

Here is a comprehensive summary of the Nigerian foreign exchange market performance this week, covering black market rates, official CBN rates, and key economic developments.

This Week's Key Rates

Currency Black Market Sell CBN Official Weekly Change
🇺🇸 USD/NGN ₦1,634 ₦1,371 +0.17%
🇬🇧 GBP/NGN ₦2,162 ₦1,845 +0.29%
🇪🇺 EUR/NGN ₦1,868 ₦1,594 +0.26%
🇨🇦 CAD/NGN ₦1,164 ₦993 -0.27%
🇦🇺 AUD/NGN ₦1,149 ₦980 +0.01%
🇦🇪 AED/NGN ₦437 ₦373 -0.28%

Dollar to Naira This Week

The US Dollar traded at ₦1,634 (selling) against the Nigerian Naira this week at the black market. The CBN official rate stood at ₦1,371, representing a black market premium of 19.2%.

Pound to Naira This Week

The British Pound exchanged at ₦2,162 (selling) this week. GBP/NGN strengthened by 0.29% compared to last week.

Euro to Naira This Week

The Euro traded at ₦1,868 (selling) at the parallel market. EUR/NGN gained 0.26% this week.

Market Analysis

The Nigerian foreign exchange market remained relatively stable this week. The persistent gap between the official CBN rate and the black market rate reflects ongoing foreign exchange supply challenges in the Nigerian economy.

Key factors influencing the market this week include:

  • Dollar demand from importers and manufacturers continues to put pressure on the Naira
  • Remittance inflows from the Nigerian diaspora in the UK, US, and UAE provide some support
  • Oil price movements directly impact Nigeria's foreign exchange earnings
  • CBN monetary policy continues to influence the official exchange rate corridor

Outlook for Next Week

Based on current market trends and historical patterns, the Dollar/Naira rate is expected to trade within the ₦1,601 — ₦1,667 range next week, barring any significant policy changes or global market shocks.

Disclaimer: This is not financial advice. Exchange rates are volatile and can change rapidly. Always verify rates before transacting.

Stay updated with daily rates at Indexberg — your trusted source for Nigerian exchange rates and financial intelligence.