The Nigerian naira depreciated to N1,387 per dollar at the parallel market on Monday, weakening from N1,383/$ recorded last Thursday.
However, the local currency appreciated at the Nigerian Foreign Exchange Market (NFEM), where it closed at N1,367.5/$.
Data released by the Central Bank of Nigeria showed that the indicative exchange rate improved from N1,374/$ last Thursday to N1,367.5/$, representing a N6.5 gain for the naira at the official market.
As a result of the mixed performance across both segments, the gap between the parallel market and the official exchange rate widened to N19.5/$ from N9/$ recorded last Thursday.
Meanwhile, activity at the interbank foreign exchange market strengthened, with turnover rising by 3.2 percent to $59.93 million compared to $58.03 million recorded in the previous trading session.
The Nigerian naira maintained relative stability against the United States dollar on Monday, May 11, 2026, trading within a narrow range at both the official and parallel foreign exchange markets amid ongoing interventions by the Central Bank of Nigeria (CBN) and cautious investor sentiment.
Figures published on the Central Bank of Nigeria’s exchange rate portal showed the naira exchanging at about ₦1,361/$ at the Nigerian Foreign Exchange Market (NFEM). During the trading session, the local currency fluctuated between roughly ₦1,355 and ₦1,366 against the dollar as market forces continued to influence demand and supply.
At the parallel market, commonly referred to as the black market, Bureau De Change operators in Lagos and Abuja bought the dollar at around ₦1,385, while selling rates ranged from ₦1,395 to ₦1,405 depending on location and transaction size.
Financial analysts attributed the relatively slim difference between the official and parallel market rates to improved forex liquidity in the formal market and sustained regulatory efforts by the CBN to support the naira.
Market data from recent sessions also suggested that the naira recorded slight appreciation at the NFEM, aided by stronger trading volumes and improved participation in the forex market.
Despite the relative calm, traders said persistent demand for foreign exchange by importers, travellers, and businesses making international payments continues to sustain activity in the parallel market.
Last week, the naira posted slight appreciation against the United States dollar across both the official and parallel foreign exchange markets, supported by improved liquidity and sustained interventions by the Central Bank of Nigeria.
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Figures released by the apex bank showed that the naira strengthened marginally to about ₦1,361 per dollar at the Nigerian Foreign Exchange Market (NFEM), compared to approximately ₦1,362 recorded in the previous trading session.
