The naira traded with slight fluctuations against the United States dollar on Tuesday, May 12, 2026, across the official Nigerian Foreign Exchange Market (NFEM) and the parallel market as traders monitored forex liquidity and demand pressures.
At the official market, data from the Central Bank of Nigeria indicated that the naira exchanged at an average rate of about ₦1,358 to the dollar, showing marginal appreciation compared to previous trading sessions. Market activity within the NFEM saw the dollar quoted between ₦1,352 and ₦1,365 depending on transaction volumes and participating financial institutions.
Meanwhile, checks from Bureau De Change operators in Lagos, Abuja, and other major cities showed that the dollar traded at around ₦1,390 for buying and between ₦1,400 and ₦1,410 for selling in the parallel market, popularly known as the black market.
Financial analysts attributed the relative stability of the naira to sustained interventions by the Central Bank of Nigeria and improved foreign exchange inflows into the official market. However, they noted that strong demand for dollars from importers, manufacturers, school fee payments, and foreign travel continues to exert pressure on the local currency.
The narrowing spread between the official and parallel market rates has also been viewed by market observers as a sign of improving confidence in the formal forex market, although concerns remain over inflationary pressures and external sector vulnerabilities.
Currency dealers said the market is expected to remain sensitive to global oil prices, foreign portfolio inflows, and future monetary policy decisions by the apex bank in the coming weeks.
Vanguard
