The Nigerian naira maintained a relatively stable performance against the United States dollar on Monday, May 11, 2026, across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria’s Nigerian Foreign Exchange Market (NFEM) portal showed that the naira traded at around ₦1,361 to the dollar during the day’s session. The rate fluctuated slightly between approximately ₦1,355 and ₦1,366, reflecting normal market adjustments driven by demand and supply conditions.
In the parallel market, Bureau De Change operators in major cities such as Lagos and Abuja reported buying rates of about ₦1,385 per dollar, while selling rates ranged between ₦1,395 and ₦1,405, depending on transaction volume and location.
Market operators noted that the gap between the official and parallel market rates has narrowed in recent sessions, a development they attributed to improved liquidity in the official forex window.
Analysts said the relative convergence of rates suggests that ongoing monetary and foreign exchange reforms by the Central Bank of Nigeria may be gradually improving market confidence and supply dynamics.
However, they also pointed out that persistent demand pressures, particularly from importers and international travelers, continue to sustain activity in the parallel market, preventing a full alignment between both segments.
Despite these pressures, the naira’s recent stability is being viewed as a positive signal in a market that has experienced significant volatility in recent periods.