The Nigerian naira continued its stable performance against the United States dollar on Thursday morning, maintaining a relatively calm trend across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
NFEM rates remain within tight range
In the Nigerian Foreign Exchange Market (NFEM), which serves as the official trading window, the naira exchanged at about ₦1,371.25 per dollar during early trading on May 21, 2026.
This figure aligns closely with recent Central Bank of Nigeria (CBN) sessions, where average rates have hovered around ₦1,373. Market activity has remained consistent, supported by steady liquidity and interbank transactions that have helped keep exchange movements within a narrow band. Traders noted that ongoing interventions and matching of demand and supply have limited volatility.
Parallel market shows similar stability
In the informal parallel market across cities such as Lagos, Abuja, and Kano, the naira also maintained stability. Bureau De Change operators quoted buying rates at around ₦1,370 per dollar and selling rates close to ₦1,372 per dollar.
The closeness between official and parallel market rates reflects a reduced gap that typically exists between both segments. Analysts attribute this convergence to balanced demand conditions as well as policy actions aimed at discouraging speculation and improving market efficiency.
With the Monetary Policy Rate maintained at 26.5 percent, broader economic conditions continue to support a cautious stance on liquidity, helping sustain the stability recorded in both official and informal FX markets.