Official, Parallel Market Rates Converge as Naira Steadies on Monday

The Nigerian naira recorded slight movements against the United States dollar in both the official and parallel foreign exchange markets on Monday, May 18, 2026, as demand pressure for foreign currency continued to weigh on the market.

Data from the Nigerian Foreign Exchange Market showed the official exchange rate hovering around N1,371 per dollar, according to figures published by the Central Bank of Nigeria and market trackers. Intraday movements at the official window ranged between approximately N1,369 and N1,374 per dollar during the session.

At the parallel market, also known as the black market, the dollar exchanged at around N1,395 on the buying side and N1,405 on the selling side across major trading hubs including Lagos and Abuja.

The spread between the official and parallel market rates remained relatively narrow compared to figures recorded in previous months, a development analysts attributed to continued efforts by the Central Bank of Nigeria to improve liquidity and stabilise the foreign exchange environment. Sustained interventions and improved dollar supply to authorised dealers have been credited with reducing volatility in recent trading weeks.

Recent sessions have shown the naira maintaining relative stability within the N1,360 to N1,380 band at the official window, despite persistent demand from importers, manufacturers and individuals seeking foreign exchange for travel and business transactions.

Market watchers, however, noted that global oil price movements, foreign reserve levels and investor confidence would remain key variables influencing the trajectory of the naira in the days ahead.