Naira falls at official FX market

The Nigerian naira experienced a slight depreciation on the official market, closing at N1,373.00 per dollar on Tuesday, while maintaining a relatively stable position against the greenback at the parallel market.

The Nigerian naira recorded a marginal depreciation against the United States dollar on Tuesday, May 12, 2026, trading at N1,375.6219 at the Central Bank of Nigeria (CBN) official foreign exchange window. Data released by the apex bank indicated that while the currency reached a Nigerian Foreign Exchange Market (NFEM) rate of N1,375.6219 during the day, it ultimately closed at N1,373.0000. This shift represents a decline of approximately N2 when compared to the NFEM rate of N1,373.1640 recorded on Monday, May 11, reflecting ongoing fluctuations in the country’s official currency market.

In the parallel market, popularly known as the black market, the naira showed more resilience as the exchange rate remained largely stable. According to data from Aboki FX, the buying rate for the dollar held steady at N1,390, while the selling rate saw a minor decrease of N1 from the previous day’s rate to sit at N1,394 per dollar. This slight narrowing of the gap between the official and parallel market rates comes as the government continues to monitor liquidity and demand within the foreign exchange ecosystem.

Market analysts noted that the current exchange figures highlight the continued pressure on the local currency despite various interventions by the CBN. With the official window closing at N1,373.0000 and the black market selling at N1,394, the premium between the two markets remains relatively tight compared to historical peaks. Stakeholders are closely watching these daily movements to gauge the effectiveness of ongoing monetary policies aimed at stabilizing the naira and curbing inflation.

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