Naira Appreciates To N1,372/$ At Official FX Market

Naira Appreciates To N1,372/$ At Official FX Market

The Nigerian naira recorded a slight appreciation against the United States dollar at the official foreign exchange market on Thursday, trading at N1,372.3079/$ at the Central Bank of Nigeria (CBN) official FX window.

Data published on the official trading platform of the Central Bank of Nigeria (CBN) showed that the naira traded at a Nigerian Foreign Exchange Market (NFEM) rate of N1,372.3079 per dollar and later closed at N1,372.7500/$.

The latest figure represents a marginal gain for the local currency compared to Wednesday’s trading rate of N1,373.3431/$, indicating that the naira appreciated by about N1 at the official market.

The development comes amid ongoing efforts by the CBN to stabilise the foreign exchange market through monetary tightening, improved dollar liquidity and sustained interventions targeted at reducing market volatility.

Financial analysts attributed the slight appreciation to improved forex supply within the official market, increased market confidence and recent reforms introduced by the apex bank to unify exchange rates and discourage speculative trading.

At the parallel market, commonly known as the black market, the naira also recorded minor movement against the dollar.

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According to data published by Aboki FX, the naira exchanged at N1,392/$ for buying and N1,397/$ for selling on Thursday, May 21, 2026.

Compared to the previous trading session on May 20, the black market buying rate improved by N2, while the selling rate remained unchanged.

Currency traders noted that although the gap between the official and parallel market rates still exists, the spread has narrowed slightly compared to previous months due to improving liquidity in the official market.

Economic experts said the CBN’s sustained interventions, including stricter oversight of Bureau De Change operators and policies aimed at attracting foreign portfolio inflows, are beginning to impact exchange rate stability.

The naira had faced intense pressure over the past year due to rising demand for foreign exchange, inflation, declining oil production and capital outflows.

However, analysts believe recent improvements in crude oil earnings, diaspora remittances and foreign investor confidence could help support the local currency if sustained.

Market observers also warned that inflationary pressure, import dependence and global economic uncertainties remain major risks capable of affecting long-term exchange rate stability.

Meanwhile, businesses, importers and investors continue to monitor movements in the FX market closely as the Federal Government and the CBN intensify efforts to strengthen the economy and improve confidence in the naira.

Naira Appreciates To N1,372/$ At Official FX Market