The Nigerian naira recorded a mild depreciation against the United States dollar on Tuesday, May 19, 2026, across both the official and parallel foreign exchange markets, reflecting ongoing pressure in demand for hard currency.
At the Nigerian Foreign Exchange Market (NFEM), the local currency traded at about ₦1,373.5 to the dollar, compared to ₦1,372 in the previous session. The movement, though small, signals continued gradual weakening amid persistent market demand.
In the unofficial segment of the market, commonly referred to as the parallel or black market, the naira also slipped, trading at around ₦1,395 per dollar, up from approximately ₦1,390 recorded at the end of the previous trading week. This widened the gap between official and parallel market rates to roughly ₦21.5 per dollar.
Data from the Central Bank of Nigeria (CBN) indicated that market activity improved during the session, with turnover in the interbank foreign exchange market rising to about $76.3 million. The increase suggests heightened trading participation even as currency pressures remain in focus.
Analysts say the latest movement reflects sustained demand for foreign exchange from importers and manufacturers, who continue to rely heavily on dollar supply for production inputs and international payments.
Despite ongoing interventions by monetary authorities aimed at stabilising the currency, pressure on the naira has persisted due to structural demand challenges and limited foreign exchange inflows.
External market trackers also placed the USD/NGN rate at around ₦1,371 during the session, pointing to relatively stable but slightly volatile trading conditions across different windows.
While the depreciation remains marginal, market observers note that continued divergence between official and parallel market rates underscores lingering inefficiencies in Nigeria’s foreign exchange framework and the ongoing struggle to fully stabilise the currency.