Naira Maintains Stability Against Dollar as May 2026 Parallel Market Trading Opens

Check the latest Dollar to Naira exchange rates for May 1, 2026. Compare official CBN rates with the Lagos parallel market selling price of ₦1400.

By: AXL Media

Published: May 1, 2026, 11:18 AM EDT

Source: Information for this report was sourced from Naija News

Current Standing of the Parallel Currency Market

As of the morning of May 1, 2026, the US Dollar to Naira exchange rate in the Lagos parallel market has shown a period of consolidation. Bureau De Change operators reported that the selling rate remained at ₦1400, while the buying rate for those looking to offload foreign currency stood at ₦1385. These figures, consistent with the closing rates from the final day of April, suggest a temporary plateau in the volatility that has historically characterized the unofficial exchange sector.

Official Regulatory Stance on Unofficial Trading

The Central Bank of Nigeria continues to maintain its firm position against the recognition of the parallel market, commonly referred to as the black market. The apex bank has repeatedly directed individuals and corporate entities requiring foreign exchange to fulfill their needs through formal banking channels. Despite this regulatory pressure, the parallel market remains a significant point of reference for immediate currency swaps, even as the government attempts to unify the various exchange windows across the country.

Disparity Between CBN and Street Rates

A notable gap persists between the official rates provided by the Central Bank and those found in the informal market. On May 1, 2026, the CBN quoted a highest exchange rate of ₦1386 and a lowest rate of ₦1365. This spread between the official ceiling and the ₦1400 street price highlights the ongoing demand for liquidity that exceeds what is currently accessible through the commercial banking system, though the margin remains narrower than in previous high-inflation periods.