The Nigerian naira posted a mixed performance against the United States dollar on Wednesday, May 20, 2026, across both the official and parallel foreign exchange markets amid sustained demand for foreign currency.
Data released by the Central Bank of Nigeria showed that the naira closed at about ₦1,373.65 per dollar at the official Nigerian Foreign Exchange Market (NFEM), compared to ₦1,373.50 recorded in the previous trading session, reflecting a slight depreciation of 15 kobo.
In the parallel market, commonly referred to as the black market, the dollar traded around ₦1,390 for buying and ₦1,400 for selling in major commercial centres such as Lagos and Abuja.
Market observers noted that the gap between the official and parallel market rates remained relatively narrow, an indication of ongoing efforts by monetary authorities to stabilise the foreign exchange market and improve liquidity within the formal trading window.
Analysts attributed recent movements in the naira to continued pressure from importers and businesses seeking foreign exchange, despite interventions by the Central Bank aimed at boosting dollar supply and easing volatility in the market.
The NFEM serves as Nigeria’s official foreign exchange platform, where exchange rates are determined through regulated market activities supervised by the Central Bank of Nigeria.
