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, as traders monitored forex liquidity and ongoing interventions by the Central Bank of Nigeria.
Data from the Central Bank of Nigeria exchange rate portal showed that the official NFEM rate hovered around ₦1,361 per dollar during the latest trading session. Exchange rates fluctuated between approximately ₦1,355 and ₦1,366 to the dollar as supply and demand conditions continued to influence market activity.
In the parallel market, commonly referred to 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 size.
Financial analysts said the relatively narrow gap between the official and parallel market rates suggests improved liquidity in the formal forex market and reflects the sustained efforts of the Central Bank to stabilise the naira.
Recent market data also showed that the naira recorded slight gains in previous trading sessions at the NFEM, supported by stronger turnover and increased activity within the official market window.
Despite the relative stability, currency traders noted that demand for foreign exchange from importers, travellers and businesses handling offshore payments continues to keep pressure on the parallel market.
