The naira recorded slight movements against the United States dollar on Tuesday, May 12, 2026, at both the official and parallel foreign exchange markets as traders continued to monitor forex supply and demand conditions.
Data from the Central Bank of Nigeria showed that the naira traded at an average rate of about ₦1,358 to the dollar at the Nigerian Foreign Exchange Market, reflecting a marginal improvement compared to recent trading sessions. Within the official market, the dollar exchanged between ₦1,352 and ₦1,365 depending on transaction size and participating banks.
At the parallel market, also known as the black market, Bureau De Change operators in Lagos, Abuja and other major cities sold the dollar between ₦1,400 and ₦1,410, while buying rates hovered around ₦1,390.
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Analysts said the relative stability of the local currency was supported by continued interventions from the Central Bank and improved foreign exchange inflows into the official market.
Despite this, they noted that demand for dollars remains high, especially from importers, manufacturers, parents paying foreign school fees and Nigerians funding international travel, all of which continue to put pressure on the naira.
Market observers also pointed to the reduced gap between the official and parallel market exchange rates as a positive sign for confidence in the formal forex market.
However, concerns still remain over inflation, external debt obligations and broader economic pressures affecting the country’s foreign exchange outlook.
Currency traders added that movements in global crude oil prices, foreign investor activity and future monetary policy decisions by the Central Bank would likely influence the direction of the naira in the coming weeks.
