Naira Weakens Marginally at Official FX Market

Daniel Otera01 mins

 

The Nigerian naira recorded a mixed performance against the United States dollar on Wednesday, May 20, 2026, closing at ₦1,373.65 per dollar at the official Nigerian Foreign Exchange Market, a marginal depreciation of 15 kobo from the previous session’s rate of ₦1,373.50, according to data published by the Central Bank of Nigeria.

At the parallel market, popularly referred to as the black market, the greenback exchanged at approximately ₦1,390 for buying and ₦1,400 for selling across major trading hubs including Lagos and Abuja.

The spread between the official and parallel market rates remained comparatively narrow, a development analysts say reflects sustained efforts by monetary authorities to stabilise the foreign exchange market and improve dollar liquidity in the formal economy.

Market observers attributed recent naira movements to persistent demand pressure from importers and businesses seeking foreign currency, even as the Central Bank of Nigeria continued to intervene in the formal market to boost dollar supply.

The NFEM, which serves as Nigeria’s official foreign exchange market, operates under the supervision of the Central Bank, with exchange rates determined through market trading activities rather than administrative fixing.

 

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