The Nigerian naira recorded slight movements against the United States dollar on Monday, May 18, 2026, across both the official and parallel foreign exchange markets as pressure on forex demand continued.
At the Nigerian Foreign Exchange Market (NFEM), the naira traded around ₦1,371 to the dollar, based on figures released by the Central Bank of Nigeria and market data platforms. During the day’s trading, the exchange rate fluctuated between roughly ₦1,369 and ₦1,374 per dollar.
In the parallel market, commonly referred to as the black market, the dollar traded at about ₦1,395 for buying and ₦1,405 for selling in key trading centres such as Lagos and Abuja.
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Despite the fluctuations, the gap between the official and parallel market rates remained relatively small compared to previous months. Financial analysts attributed the development to ongoing efforts by the Central Bank of Nigeria to improve liquidity and stabilise the forex market through sustained interventions and increased dollar supply to authorised dealers.
In recent weeks, the naira has largely maintained stability within the ₦1,360 to ₦1,380 range at the official market, even as demand for foreign exchange remains high among importers, manufacturers, travellers and businesses.
However, market observers noted that factors such as global crude oil prices, Nigeria’s foreign reserve position and investor confidence would continue to play a major role in determining the direction of the naira in the coming days.
