Dollar to Naira Exchange Rate Hits ₦1,373 at Official Market

The Nigerian naira traded at ₦1,373.25 against the United States dollar at the official foreign exchange market on Friday, May 29, 2026, according to data released by the Central Bank of Nigeria.

The latest figures showed a slight improvement from the ₦1,375.40 exchange rate recorded on Tuesday, May 26, 2026. At the parallel market, also known as the black market, the dollar exchanged for as high as ₦1,390, reflecting the continued gap between the official and unofficial forex markets. The development comes amid ongoing foreign exchange reforms introduced by the Central Bank of Nigeria following the unification of the country’s forex windows.

In a circular issued on June 14, 2023, the apex bank announced the collapse of all foreign exchange segments into the Investors and Exporters window as part of efforts to create a market-driven exchange rate system. The CBN said the market would operate under a “Willing Buyer, Willing Seller” model, allowing eligible transactions to access foreign exchange through the unified window.

The bank also reintroduced order-based two-way quotes and an order book system to improve transparency and enable seamless trade execution in the market. According to the apex bank, the operational rate for government-related transactions would be determined by the weighted average rate of the previous day’s executed trades at the Investors and Exporters window.

The reforms effectively marked Nigeria’s transition towards a more flexible exchange rate system, in which the value of the naira is largely determined by market forces.