By Queen Madaki
The naira closed the first trading week of May 2026 on a relatively stable note against the United States dollar, settling at N1,364/$ in the official foreign exchange market.
Data from the Central Bank of Nigeria (CBN) showed the local currency maintained positive momentum for most of the week, reinforcing signs of improving stability in Nigeria’s foreign exchange market, The Business Bureau reports.
The latest performance extends gains recorded at the end of April and reflects growing investor confidence in ongoing foreign exchange reforms introduced by the CBN.
What the Data Is Saying
The naira traded within a relatively narrow band during the week, highlighting reduced volatility and improved market confidence.
Friday: N1,364/$ Thursday: N1,358.01/$ Wednesday: N1,361/$ Tuesday: N1,362/$ Monday: N1,367.5/$
Two weeks earlier, the currency had weakened to N1,383/$, meaning the naira gained approximately N19 against the dollar over the period.
Compared with the previous week, the local currency also posted stronger levels:
Thursday (previous week): N1,374/$ Wednesday: N1,370.5/$ Tuesday: N1,383/$ Monday: N1,369/$ Naira Continues Recovery from April Weakness
The recent appreciation underscores the naira’s steady recovery from pressures experienced at the beginning of April.
April 1: N1,376/$ April 2: N1,382.75/$ April 7: N1,389/$ April 9: N1,365/$
The Business Bureau previously reported that the naira closed April 2026 at N1,374/$ compared with N1,387/$ at the end of March, marking the currency’s first April gain since 2024.
External Reserves Slip Slightly
Despite the currency’s gains, Nigeria’s external reserves declined marginally, indicating
