The Nigerian naira traded within a relatively stable range against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market amid continued forex interventions and cautious market sentiment.
Data from the Central Bank of Nigeria’s exchange rate portal showed that the official NFEM rate hovered around ₦1,361 per dollar in the latest trading session. Exchange rates fluctuated between about ₦1,355 and ₦1,366 to the dollar as market demand and supply conditions continued to influence trading activities.
In the parallel market, also known as the black market, Bureau De Change operators in Lagos and Abuja exchanged the dollar at about ₦1,385 for buying and between ₦1,395 and ₦1,405 for selling, depending on transaction size and location.
Market analysts said the narrow gap between the official and parallel market rates reflects improved liquidity in the formal forex market and ongoing efforts by the Central Bank of Nigeria to stabilise the naira.
Recent trading figures also showed that the naira recorded slight gains in previous NFEM sessions, supported by stronger turnover and increased market activity.
Currency traders, however, noted that demand for foreign exchange from importers, travellers and businesses making offshore payments continues to sustain activity in the parallel market despite the relative stability in the official window.