The Nigerian naira maintained a relatively stable position against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Official Market Performance
Official data from the Central Bank of Nigeria's exchange rate portal indicated that the NFEM rate settled around N1,361 per dollar. Throughout the trading session, the rate experienced minor fluctuations, moving between approximately N1,355 and N1,366 as supply and demand dynamics played out.
Parallel Market Rates
In the parallel market, Bureau De Change operators in Lagos and Abuja were buying the dollar at approximately N1,385 and selling it within a range of N1,395 to N1,405. These figures varied slightly based on the transaction volume and specific location.
Market Analysis
Market analysts observed that the narrow spread between the official and parallel rates is a sign of improved liquidity within the formal forex window. This alignment suggests that the Central Bank of Nigeria's efforts to stabilize the naira are yielding results.
While the naira has shown marginal gains in recent sessions due to increased market turnover, currency traders noted that consistent demand from importers and travelers continues to fuel activity in the parallel market.
