Author: kayode amuda

On Thursday, May 14, 2026, the Nigerian naira showed a mixed performance against the US dollar, with rates differing between the official and parallel (black) markets, as market participants kept a close eye on dollar availability and Central Bank of Nigeria (CBN) activity.

In the official market, the naira was exchanging at roughly ₦1,375.62 to the dollar at the NFEM window, buoyed by a better supply of dollars and healthier trading volumes.

Trading activity at the official window saw a notable spike, with single-day FX turnover reaching approximately $1.89 billion a sign of greater market liquidity and stronger involvement from banks and investors.

Experts noted this helped ease some of the pressure on the naira in recent days.

On the street market side, a dollar was going for between ₦1,395 and ₦1,405, varying by location and deal size.

BDC operators across Lagos and Abuja were buying dollars at around ₦1,385–₦1,395 and selling at roughly ₦1,400–₦1,405.

Notably, the gap between official and black-market rates has narrowed to between ₦20 and ₦30, a marked improvement from the wider spreads recorded earlier in 2026.

Analysts credited the naira’s relative calm to consistent CBN interventions, growing foreign reserves recently standing at about $48.48 billion and improved confidence among investors.

That said, currency traders pointed out that ongoing demand from importers, travelers, and businesses still puts upward pressure on black-market rates, despite the reforms being carried out in Nigeria’s FX sector.

As Nigerian Muslims gear up for the upcoming Eid-el-Kabir celebrations a festive period marked by the ritual slaughter of animals the prices of rams, food items, and other essential goods have shot up sharply across the country.

A market survey conducted in Kaduna State revealed that while rams, goats, and chickens were available in fairly good supply, their prices had climbed well beyond what many buyers anticipated.

Costs vary based on the size of the animal, with rams in markets like the Central Market going for anywhere between ₦300,000 and ₦1 million.

Even chickens, which some Muslims turn to as a more affordable alternative to rams, have not been spared from the price surge.

A three-month-old chicken now costs between ₦20,000 and ₦30,000, and a bag of rice had risen to ₦80,000 as of Tuesday, May 12, 2026.

Traders offered several reasons for the spike. Alhaji Bulama, a senior figure in the Rams Sellers Association, pointed to a shortage of animals caused largely by insecurity, which has driven many rural families who traditionally rear livestock out of their homes and away from farming and animal husbandry.

He also cited the soaring cost of animal feed as a contributing factor.

Fellow trader Mallam Musa Adamu added that high transportation costs have further driven up prices, explaining that because locals in many northern communities can no longer safely rear animals, traders are forced to source them from distant locations, with haulage costs passed on to buyers.

Despite the high prices, some buyers remain undeterred. One consumer, Dr. Musa, said he had been planning ahead and was committed to purchasing a ram regardless of the cost.

He however urged fellow Muslims to spend within their means, cautioning against borrowing money to fund celebrations and reminding them that Eid comes every year, offering another opportunity for those who cannot afford it this time around.