The Nigerian naira traded within a relatively le range against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exce Market and the parallel market amid sustained foreign exce interventions and cautious market sentiment.
Data from the Central Bank of Nigeria exce rate portal showed that the official Nigerian Foreign Exce Market rate hovered around ₦1,361 per dollar during the latest trading session. The market recorded fluctuations between approximately ₦1,355 and ₦1,366 to the dollar as demand and supply dynamics continued to influence trading activities.
In the parallel market, also known as the black market, Bureau De Ce operators in Lagos and Abuja exced the dollar at about ₦1,385 for buying and between ₦1,395 and ₦1,405 for selling, depending on transaction volume and location.
Market analysts stated that the relatively narrow gap between the official and parallel market rates reflects improved liquidity in the formal foreign exce market and ongoing efforts by the Central Bank of Nigeria to ilise the naira.
Recent trading data also showed that the naira recorded marginal gains in earlier sessions at the official market, supported by stronger turnover and increased market activity.
Despite the relative ility, currency traders noted that demand pressure for foreign exce remains high due to importers, international travellers and businesses seeking offshore payments. This continued demand has kept the parallel market active even as conditions improve in the official window.
Analysts further explained that sustained foreign exce interventions by the Central Bank and improved transparency in market operations have contributed to the recent ility of the local currency.
Economic observers, however, warned that inflationary pressures, external debt obligations and global oil price movements could still influence the direction of the naira in coming weeks.
The exce rate remains a key concern for businesses and households as fluctuations in the value of the naira continue to affect import costs, consumer prices and investor confidence within the Nigerian economy.
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