The Nigerian naira recorded a marginal depreciation against the United States dollar on Tuesday, May 19, 2026, across both official and parallel foreign exchange markets, amid continued demand pressure.
At the official Nigerian Foreign Exchange Market (NFEM), the naira traded around ₦1,373.5/$, according to data from the Central Bank of Nigeria, slightly weaker than the previous session’s rate of ₦1,372/$.
In the parallel market, commonly referred to as the black market, the dollar exchanged at approximately ₦1,395/$, compared to about ₦1,390/$ recorded at the end of last week. This widened the gap between both markets to roughly ₦21.5 per dollar.
Market analysts linked the movement to sustained demand for foreign exchange from importers and manufacturers, even as monetary authorities continue interventions aimed at stabilising the currency.
Data also showed increased trading activity in the interbank foreign exchange market, with turnover rising to about $76.3 million, indicating slightly improved liquidity levels.
Despite the mild depreciation, external tracking platforms suggest the USD/NGN exchange rate remained relatively stable around the ₦1,371 range during recent trading sessions, though short-term volatility persists.