The Nigerian naira traded within a narrow range against the United States dollar on Tuesday, May 26, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market amid continued efforts by the Central Bank of Nigeria to stabilise the foreign exchange market.
At the official market, data from the Central Bank of Nigeria showed the naira trading around ₦1,375 to the dollar at the NFEM window. Recent market data indicated that the exchange rate hovered between ₦1,374 and ₦1,377 per dollar during trading sessions.
Market analysts attributed the relative stability to improved foreign exchange liquidity, sustained investor confidence, and expectations of further inflows into the financial system. Reports also showed that turnover in the interbank foreign exchange market remained moderate despite slight fluctuations in demand.
In the parallel market, also known as the black market, the dollar traded at around ₦1,390 to ₦1,397 for selling, while buying rates hovered between ₦1,385 and ₦1,390 depending on location and transaction volume.
The gap between the official and parallel market rates remained relatively narrow, reflecting ongoing reforms by the apex bank aimed at improving transparency and liquidity in the foreign exchange system.
Currency traders said demand from importers and individuals seeking foreign exchange for travel, tuition, and business transactions continued to exert pressure on the naira despite recent gains recorded in the official market.
