Naira to US Dollar conversion value for May 29, 2026

The Nigerian naira held its ground against the US dollar on Friday, May 29, 2026, with stable exchange rates observed in both the official Nigerian Foreign Exchange Market and the parallel market, thanks to consistent liquidity support and close monitoring by market players.

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According to data from the Central Bank of Nigeria, the dollar was traded at around ₦1,375.41 at the NFEM window, showing minimal movement from previous trading sessions.

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Market observers noted that the official market continued to reap the benefits of enhanced FX inflows and ongoing interventions aimed at stabilising the naira, which contributed to its relative stability.

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In the parallel market, also known as the black market, the dollar was bought at an average rate of about ₦1,378 and sold at approximately ₦1,390 on Friday.

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The difference between the official and parallel market rates remained relatively small compared to previous months, a trend that analysts attribute to improved FX liquidity and increased market confidence.

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Recent trading patterns have indicated that the naira has been fluctuating within the ₦1,360 to ₦1,390 range against the dollar in both markets, as importers, manufacturers, and other end-users keep a close eye on foreign exchange supply conditions.

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Currency traders reported that demand for the US dollar remained steady, despite the Central Bank's efforts to increase supply through the official window.

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The NFEM rate, which serves as Nigeria's official exchange rate benchmark, is calculated using a volume-weighted average of transactions completed during trading sessions.