Naira Trades Steady at ₦1,361 Amid Mixed Forex Market Signals

Naira Trades Steady at ₦1,361 Amid Mixed Forex Market Signals

The Dollar to Naira exchange rate today showed relative stability on Monday, May 11, 2026, as the Nigerian naira continued to trade within a narrow range across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel (black) market, supported by ongoing interventions from the Central Bank of Nigeria (CBN).

In the official foreign exchange market (NFEM), the naira traded at an average rate of about ₦1,361 per US dollar, with intraday movements fluctuating between approximately ₦1,355 and ₦1,366 depending on demand and supply conditions. Market analysts say this slight movement reflects continued pressure from importers, corporate dollar demand, and seasonal foreign payments, even as the CBN maintains liquidity interventions to stabilise the forex market.

In the parallel market, also known as the black market or Bureau De Change (BDC) segment, the dollar traded significantly higher than the official rate. Buying rates were recorded around ₦1,385 per dollar, while selling rates ranged between ₦1,395 and ₦1,405, depending on location and transaction volume. Traders in Lagos and Abuja attributed the higher rates to strong retail demand for dollars, especially for tuition payments, medical travel, and import-related transactions.

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Analysts note that the gap between the official and parallel market rates remains a key indicator of foreign exchange pressure in Nigeria, although the spread has shown slight signs of narrowing in recent weeks due to improved FX liquidity management and policy adjustments by the CBN.

Economic experts point to several factors influencing the Naira exchange rate today, including sustained CBN forex interventions, high import dependency, diaspora remittances, oil revenue inflows, and ongoing speculative activity in the black market. These forces continue to shape daily movements in both official and unofficial FX channels.

Financial observers also highlight the CBN’s “willing buyer, willing seller” FX policy framework as a key driver of improved transparency in the official market, although demand-side pressures continue to test the resilience of the naira.

Despite the current relative stability, analysts warn that the naira remains vulnerable to external shocks such as global oil price fluctuations and sudden spikes in dollar demand. They stress that long-term stability will depend on stronger export performance, increased foreign investment inflows, and improved domestic production capacity.

For now, the Nigeria forex market is described as stable but fragile, with traders closely monitoring policy signals and liquidity conditions that could influence future movements of the Dollar to Naira exchange rate.

Naira Trades Steady at ₦1,361 Amid Mixed Forex Market Signals