The Nigerian naira traded within a relatively stable range against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, amid sustained forex interventions and cautious market sentiment.
Data obtained from the Central Bank of Nigeria's exchange rate portal showed that the official NFEM rate hovered around ₦1,361 per dollar in 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 shape trading activities.
In the parallel market, also known as the black market, Bureau De Change operators in Lagos and Abuja exchanged the dollar at about ₦1,385 for buying and between ₦1,395 and ₦1,405 for selling, depending on location and transaction volume.
Market analysts said the relatively narrow gap between the official and parallel market rates reflects improved liquidity in the formal forex window and continued efforts by the Central Bank of Nigeria to stabilise the naira.
Recent trading data also indicated that the naira posted marginal gains in previous sessions at the NFEM, supported by stronger turnover and increased market activity.
Currency traders, however, noted that demand pressure for foreign exchange from importers, travellers, and businesses seeking offshore payments continues to keep the parallel market active despite relative stability in the official window.
