The Nigerian naira recorded a mixed performance against the United States dollar on Wednesday, May 20, 2026, as it traded across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market amid sustained demand for foreign currency.
Data released by the Central Bank of Nigeria showed that the naira closed at about ₦1,373.65 per dollar at the official window, slightly weaker than the ₦1,373.50 recorded in the previous trading session. The movement reflects a marginal depreciation of about 15 kobo.
In the parallel market, also known as the black market, the dollar exchanged between ₦1,390 for buying and ₦1,400 for selling in key commercial centres such as Lagos and Abuja.
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Despite the fluctuations, market analysts noted that the gap between official and parallel market rates remained relatively stable, suggesting continued efforts by the Central Bank of Nigeria to improve liquidity and reduce pressure in the foreign exchange market.
They attributed the recent movements in the naira to persistent demand from importers and businesses, even as the apex bank continues interventions aimed at increasing dollar supply in the official market.
The NFEM remains the country’s official foreign exchange platform, where rates are determined through market-driven transactions regulated by the Central Bank.
