The Nigerian naira recorded a mixed performance against the United States dollar on Friday, May 15, 2026, trading around ₦1,371 to $1 at the official market while hovering between ₦1,392 and ₦1,395 in the parallel market as foreign exchange activity remained broadly stable.
Key Highlights
- Official exchange rate closed at about ₦1,371/$ in the Nigerian Foreign Exchange Market (NFEM).
- Parallel market rates ranged between ₦1,392 and ₦1,395 per dollar.
- Forex spread between official and black market stayed within ₦20–₦24.
- FX turnover dropped to about $78.8 million from over $130 million in the previous session.
- Analysts cite CBN interventions and improved liquidity as key stabilising factors.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira weakened slightly compared to the previous trading session, where it closed at approximately ₦1,368.95 to the dollar.
In the parallel market, dealers in Lagos, Abuja, and other commercial centres quoted varying rates depending on demand and transaction size. Buying prices were generally lower, while selling rates stayed close to the ₦1,395 per dollar mark.
Despite the dual-market structure, the gap between official and black market rates remained relatively narrow, averaging between ₦20 and ₦24. Market analysts say this reflects continued efforts to reduce volatility in the foreign exchange system.
Trading activity also slowed during the session, with forex turnover falling to around $78.8 million, down from about $130.6 million recorded previously.
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Financial market observers attribute the naira’s relative stability to sustained interventions by the Central Bank of Nigeria (CBN), improved external reserves, and increased participation from commercial banks and foreign investors.
However, pressure on the currency persists due to strong demand for dollars from importers, manufacturers, international travellers, and Nigerians paying foreign tuition and service fees.
Currency traders say short-term outlook for the naira will depend on oil price movements, foreign inflows, and the Central Bank’s ongoing liquidity management strategy.
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