Nigeria Today's Dollar to Naira Rate: Dollar to Naira Snapshot Rate for 7 May 2026

Key points:

• Official CBN Rate: N1,357 per US Dollar
• Black-Market Rate: Not specified
• Drivers: Naira gained nearly N10 against the US dollar, driven by increased demand for the local currency from foreign and domestic players, and CBN's ongoing interventions. Trading volume increased, signaling active price discovery; Hawkish monetary policy, maintaining high interest rates, boosting investor interest in Naira-denominated assets.
• Top Tools: FMDQ, CBN Forex Portal, Aboki Fx

The Nigerian currency gained ground against the US dollar in the official market on Wednesday, rising by nearly N10 to settle at N1,357 per dollar. The pair has moved from N1,375.5 at the beginning of May to N1,357, representing a gain of about 1.2 percent for the Naira in just one week.

FAQ

• What is the gap between CBN and black market rates? The article focuses on official market dynamics. The Naira has tightened its grip on the US dollar, nearing the key N1,350 mark. Trading volume in the official market has increased, signaling active price discovery where companies and individual traders trade the naira's fluctuations rather than merely hedging against a crash.
• Will the naira strengthen further? The second half of 2026 is projected to see a slight depreciation as pre-election spending for 2027 boosts market liquidity. Over N10.53 trillion in liquidity is anticipated to enter the system in May 2026 from maturing Treasury bills and OMO operations. This inflow may strain the CBN's capacity to absorb surplus funds and put fresh pressure on the Naira.
• How do oil prices affect rates? Optimism surrounding a possible US-Iran agreement led to a sharp decline in oil prices, which eased inflation concerns and lowered expectations for a protracted hawkish Federal Reserve outlook, causing the Greenback to struggle as safe-haven demand eased. This has given the Naira breathing room.