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Naira Slightly Depreciates Across Official and Parallel Markets
The Nigerian naira recorded a marginal depreciation against the United States dollar on Tuesday, May 19, 2026, amid sustained foreign exchange demand from importers, manufacturers, and other businesses across the country.
Ejes Gist News reports that data from the Central Bank of Nigeria showed the naira trading at approximately ₦1,373.5 per dollar at the Nigerian Foreign Exchange Market (NFEM) window, compared with ₦1,372 recorded in the previous trading session.
Activity in the parallel market also reflected renewed pressure on the local currency, with Bureau De Change operators quoting the dollar between ₦1,395 and ₦1,405.
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Dollar to Naira Exchange Rate Summary — May 19, 2026
| Market | Exchange Rate | Change from Previous Session |
|---|---|---|
| Official CBN (NFEM) Rate | ≈ ₦1,373.5/$ | ▼ Depreciated by ₦1.5 |
| Parallel (Black Market) Rate | ≈ ₦1,395/$ – ₦1,405/$ | ▼ Depreciated by ₦5 |
| Margin Between Markets | ≈ ₦21.5 – ₦31.5 | Widened |
Source: CBN data and market surveys.
Parallel Market Rate Breakdown
In the parallel market, commonly referred to as the black market or Aboki FX segment, traders in Lagos, Abuja, Kano, and Port Harcourt quoted the following rates:
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| Transaction Type | Exchange Rate |
|---|---|
| Buying Rate | ≈ ₦1,390 – ₦1,395 |
| Selling Rate | ≈ ₦1,395 – ₦1,405 |
The naira weakened further in the unofficial market compared with the previous trading session, reflecting persistent pressure from end-users seeking foreign exchange outside the formal banking system.
Currency dealers attributed the movement to increased demand from import-dependent businesses and limited dollar liquidity in parts of the retail forex market.
Official CBN (NFEM) Rate Breakdown
According to figures published by the Central Bank of Nigeria, activity at the official market recorded the following metrics:
| Metric | Exchange Rate |
|---|---|
| Average Rate | ≈ ₦1,373.5 |
| Intraday High | ≈ ₦1,374 |
| Intraday Low | ≈ ₦1,370 |
| Turnover | ≈ $76.3 million |
The official exchange rate rose slightly from ₦1,372 per dollar recorded in the previous session, representing a depreciation of about ₦1.5 for the naira.
Market turnover at the NFEM window increased to approximately $76.3 million, indicating stronger participation by authorized dealers and financial institutions during trading.
Key Factors Driving the Forex Market
Analysts monitoring Nigeria’s foreign exchange market linked the latest movement in the naira to multiple macroeconomic and liquidity-related factors.
Sustained Demand for Foreign Exchange
Manufacturers, importers, school fee payers, and travel-related transactions continue to sustain strong demand for dollars. Despite ongoing monetary tightening and liquidity management measures, demand has remained elevated.
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Pressure Across Both Market Segments
The simultaneous weakening of the naira at both the official and parallel markets suggests that supply conditions remain fragile. Some businesses increasingly rely on the unofficial market to meet immediate foreign exchange obligations.
Widening Gap Between Rates
The spread between the official and parallel market rates widened further, reaching approximately ₦21.5 to ₦31.5 per dollar.
Financial analysts note that a wider premium between both markets may encourage speculative trading and arbitrage activities, despite regulatory efforts aimed at harmonising exchange rates.
Banking Security: USSD Codes to Freeze Accounts
Customers who lose access to their mobile phones can temporarily restrict banking transactions using the following emergency USSD codes:
| Bank | USSD Code |
|---|---|
| GTBank | 73751# |
| Zenith Bank | 966911# |
| UBA | 91917# |
| Access Bank | 901911# |
| First Bank | 894911# |
Customers are advised to store emergency banking information securely and contact their financial institutions immediately after any suspected compromise.
Related Forex and Economy Developments
Recent movements in the foreign exchange market come amid continued efforts by the Central Bank of Nigeria to stabilise the naira through policy reforms, liquidity interventions, and tighter regulation of forex trading activities.
Economic observers are also monitoring:
- Nigeria’s external reserves position
- Crude oil production levels
- Diaspora remittance inflows
- Inflation and interest rate trends
- Foreign portfolio investment activity
These indicators continue to influence investor confidence and overall exchange rate stability.
Dollar to Naira Snapshot — May 19, 2026
| Question | Answer |
|---|---|
| What is the official CBN rate today? | ≈ ₦1,373.5/$ |
| What is the black market rate today? | ≈ ₦1,395 – ₦1,405/$ |
| Is the naira appreciating or depreciating? | Slight depreciation |
| What is driving the market? | Strong forex demand and liquidity pressure |
| What is the premium between markets? | ≈ ₦21.5 – ₦31.5 |
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