The Nigerian naira recorded a marginal depreciation against the United States dollar across both the official and parallel foreign exchange markets on Tuesday, amid sustained demand pressures in the country’s FX market.
Data from the Central Bank of Nigeria showed that it traded at about ₦1,373.5 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,372/$ recorded in the previous trading session.
The development reflects a slight weakening of the local currency at the official market window.
At the parallel market, commonly referred to as the black market, the dollar exchanged at approximately ₦1,395/$, up from about ₦1,390/$ recorded at the close of trading last Friday.
The movement widened the spread between the official and unofficial market rates to roughly ₦21.5 per dollar.
Market analysts attributed the latest fluctuation to continued demand for foreign exchange by importers and manufacturers despite ongoing efforts by monetary authorities to stabilise the naira and improve liquidity in the market.
The CBN’s exchange rate data further showed that turnover in the interbank foreign exchange market rose significantly to about $76.3 million, indicating improved trading activity and stronger market participation.
Meanwhile, external market trackers indicated that the USD/NGN exchange rate hovered around ₦1,371 on Tuesday, suggesting that the naira has maintained relative stability in recent sessions despite mild volatility in the foreign exchange market.
The naira recorded mild swings against the United States dollar on Monday, May 18, 2026, as pressure from foreign exchange demand continued to shape trading activity across both official and parallel markets.
The difference between official and street market rates remained comparatively narrow, a trend analysts attribute to ongoing liquidity support measures by the Central Bank and improved dollar supply to authorised dealers.
Although it shown a degree of stability in recent sessions—largely trading within the ₦1,360 to ₦1,380 band at the official window—market participants say sustained demand from importers, manufacturers, and travellers continues to exert pressure.
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Analysts also note that broader economic factors, including global oil prices, Nigeria’s external reserves, and investor sentiment, will remain key determinants of the naira’s short-term performance.
