The Nigerian naira traded within a relatively stable range against the United States dollar on Monday, May 25, 2026, across both the official and parallel foreign exchange markets.
Data from the Central Bank of Nigeria showed the naira trading around ₦1,375/$ at the Nigerian Foreign Exchange Market (NFEM), closely aligning with the previous closing rate of ₦1,375.46/$ recorded on May 22.
The movement reflects continued stability in the official market despite persistent demand pressures.
At the parallel market, also known as the black market, Bureau De Change operators in Lagos and Abuja quoted the dollar at approximately ₦1,385 for buying and between ₦1,395 and ₦1,400 for selling.
Currency tracking platforms monitoring retail foreign exchange transactions also placed the street market rate around ₦1,397/$ on Monday morning.
The spread between the official NFEM rate and the parallel market continued to highlight demand pressures in the retail foreign exchange segment despite ongoing monetary reforms and interventions by the apex bank.
Analysts attributed the naira’s recent stability to improved dollar liquidity and tighter monetary conditions, although they cautioned that import demand and external market volatility remain key risks.
The NFEM rate remains the benchmark exchange rate used by the Central Bank and is determined through a volume-weighted average pricing system.
The naira last Wednesday recorded mixed movements against dollar across both the official and parallel foreign exchange markets as demand for dollars persisted.
Figures released by the Central Bank of Nigeria showed the naira closing at approximately ₦1,373.65/$ at the official Nigerian Foreign Exchange Market (NFEM), slightly weaker than the ₦1,373.50/$ recorded in the previous trading session.
In the parallel market, the dollar traded at ₦1,390 to buy and ₦1,400 to sell across major currency markets in Lagos and Abuja.
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Traders noted that the spread between the official and black-market rates remained relatively tight, suggesting continued efforts by monetary authorities to maintain stability and improve liquidity conditions in the forex market.
Analysts linked the latest exchange rate movement to persistent demand from importers and businesses, even as the central bank continues measures to increase dollar availability through official channels.
NFEM serves as Nigeria’s official forex trading platform, where exchange rates are determined through market-based transactions under the supervision of the apex bank.
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