The Nigerian naira remained relatively stable against the United States dollar on Monday, May 11, 2026, across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market.
Official data from the Central Bank of Nigeria’s exchange rate portal showed that the NFEM rate closed at about ₦1,361 per dollar. During the trading session, the exchange rate recorded slight fluctuations, trading between approximately ₦1,355 and ₦1,366 as market forces of demand and supply played out.
In the parallel market, Bureau De Change operators in Lagos and Abuja bought the dollar at around ₦1,385 and sold it within the range of ₦1,395 to ₦1,405.
The rates varied slightly depending on transaction volume and location.
Market analysts noted that the narrow gap between the official and parallel market rates reflects improved liquidity in the formal forex market. According to them, this alignment indicates that the Central Bank of Nigeria’s efforts to stabilize the naira are beginning to yield positive results.
Although the naira has recorded marginal gains in recent trading sessions due to increased market turnover, currency traders said sustained demand from importers and travelers continues to drive activity in the parallel market.
