💱 FX Market Recap | April 26th - 1st May 2026
May was a month of consolidation for the Naira.
The currency closed the month at ₦1,373/$ in the official market, while the parallel market strengthened to ₦1,385/$, narrowing the gap between both markets to just ₦12. This continued convergence is a strong sign of improving market stability and reduced speculative pressure.
Meanwhile, Nigeria's external reserves climbed to $49.34 billion, supported by stronger oil prices and remittance inflows, providing additional confidence in the country's FX position.
While trading activity slowed during the month, the broader story was one of stability, stronger reserves, and a more balanced foreign exchange market.
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