The Nigerian Naira slightly appreciated in the official Nigerian Foreign Exchange Market (NFEM) on May 7, 2026 to ₦1,360.50
According to data released by the CBN, the Naira’s closing rate against the US Dollar stood at ₦1,360.50 representing a slight appreciation from the mid-week average.
Market activity saw the currency hit an intraday high of ₦1,368.00 and a low of ₦1,358.50, reflecting a narrowing spread that analysts suggest indicates improving liquidity within the official window.
Total turnover at the NFEM today reached $385.20 million, a notable volume that highlights active participation by authorized dealers and corporate entities.
This follows a trend of consistent interventions by the apex bank to ensure that genuine demand for foreign exchange particularly for raw materials and essential imports is met through official channels.
The Volume Weighted Average Rate, which serves as the official exchange rate for the day, was also pegged at ₦1,361.20 maintaining a relatively stable trajectory compared to the opening rates observed earlier in the week.
As of the close of business, other major currencies also traded within stable bands, with the British Pound and the Euro closing at ₦1,712.45 and ₦1,465.30 respectively.