The Nigerian naira traded within a relatively narrow band against the United States dollar on Tuesday, May 26, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market, as the Central Bank of Nigeria’s ongoing reforms continued to support currency stability.
At the official market, figures from the Central Bank of Nigeria showed the naira exchanging at about ₦1,375 per dollar at the NFEM window. Trading data indicated the local currency fluctuated between ₦1,374 and ₦1,377 during the day’s session.
Analysts linked the naira’s relative stability to improved foreign exchange liquidity, sustained investor confidence, and expectations of additional inflows into the financial system. Market reports also indicated moderate turnover in the interbank foreign exchange market despite mild variations in demand pressure.
In the parallel market, commonly referred to as the black market, the dollar traded between ₦1,390 and ₦1,397 on the selling side, while buying rates ranged from ₦1,385 to ₦1,390 depending on location and transaction size.
The spread between the official and parallel market rates remained comparatively narrow, underscoring the impact of the apex bank’s ongoing efforts to enhance transparency, boost liquidity, and improve efficiency in the foreign exchange market.
Currency traders noted that demand from importers, travellers, students paying foreign tuition, and businesses seeking forex for international transactions continued to place pressure on the naira, despite recent improvements recorded at the official market window.
