The Nigerian naira recorded mixed performance against the United States dollar across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market on Thursday, May 14, 2026, as traders continued to monitor liquidity conditions and Central Bank of Nigeria interventions.
At the official market, data from the Central Bank of Nigeria showed the naira trading around ₦1,375.62/$ at the NFEM window, following recent gains supported by improved dollar supply and stronger market turnover.
Market reports indicated that FX turnover at the NFEM recently surged to about $1.89 billion in single-day trading, reflecting increased liquidity and stronger participation by banks and investors. Analysts said the development has helped reduce pressure on the local currency in recent sessions.
In the parallel market, also known as the black market, the dollar traded between ₦1,395 and ₦1,405, depending on location and transaction size. Bureau De Change operators in Lagos and Abuja quoted buying rates around ₦1,385-₦1,395 and selling rates near ₦1,400-₦1,405.
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Reports also showed that the exchange rate gap between the official market and the parallel market remained relatively narrow, ranging between ₦20 and ₦30, compared with wider spreads seen earlier in the year.
Financial analysts attributed the naira's relative stability to sustained FX interventions by the Central Bank, rising external reserves, and improved investor confidence in the Nigerian foreign exchange market. Nigeria's external reserves were recently reported at approximately $48.48 billion.
Currency dealers, however, noted that demand pressure from importers, travelers, and businesses seeking foreign exchange outside the banking system continues to influence black-market rates despite ongoing reforms in the FX sector.
