The Nigerian naira recorded mixed movements against the United States dollar on Wednesday, May 20, 2026, across both the official and parallel foreign exchange markets as demand for dollars persisted.
Figures released by the Central Bank of Nigeria showed the naira closing at approximately ₦1,373.65/$ at the official Nigerian Foreign Exchange Market (NFEM), slightly weaker than the ₦1,373.50/$ recorded in the previous trading session.
In the parallel market, the dollar traded at ₦1,390 to buy and ₦1,400 to sell across major currency markets in Lagos and Abuja.
Traders noted that the spread between the official and black-market rates remained relatively tight, suggesting continued efforts by monetary authorities to maintain stability and improve liquidity conditions in the forex market.
Analysts linked the latest exchange rate movement to persistent demand from importers and businesses, even as the central bank continues measures to increase dollar availability through official channels.
NFEM serves as Nigeria’s official forex trading platform, where exchange rates are determined through market-based transactions under the supervision of the apex bank.
The Nigerian naira on Tuesday 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 CBN 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.
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Naira gains slightly against dollar at official, parallel markets
Naira holds steady against dollar in early Wednesday trading
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.
