The Nigerian naira recorded a slight depreciation against the United States dollar on Tuesday, May 19, 2026, across both the official Nigerian Foreign Exce Market and the parallel market amid persistent demand for foreign exce.
According to data released by the Central Bank of Nigeria, the naira traded at approximately ₦1,373.5 per dollar at the official Nigerian Foreign Exce Market window. This represents a marginal decline compared to the previous trading session where the currency exced at around ₦1,372 per dollar.
At the parallel market, commonly referred to as the black market, the dollar traded at about ₦1,395 per dollar, slightly weaker than the ₦1,390 per dollar recorded at the close of trading last Friday.
The difference between the official exce rate and the parallel market rate widened to roughly ₦21.5 per dollar, highlighting continued pressure in the foreign exce market.
Financial analysts attributed the latest movement in the exce rate to sustained demand for dollars from importers, manufacturers and businesses requiring foreign currency for international transactions. The pressure persists despite efforts by the Central Bank of Nigeria to ilise the naira through market interventions and policy adjustments.
Meanwhile, data from the apex bank also showed increased activity in the interbank foreign exce market. Turnover reportedly rose significantly to about $76.3 million, reflecting stronger participation and trading volume among market operators.
External exce rate trackers indicated that the dollar to naira rate hovered around ₦1,371 during Tuesday’s trading session, suggesting that the currency has maintained relative ility in recent weeks despite mild fluctuations.
Economic observers say the direction of the naira in coming weeks will largely depend on foreign exce supply, oil revenue performance, investor confidence and continued policy actions by the Central Bank.
The foreign exce market remains a major focus for businesses and investors as Nigeria continues efforts to strengthen economic ility and manage inflationary pressures affecting the broader economy.
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