The Nigerian naira weakened slightly against the United States dollar on Tuesday, May 19, 2026, amid persistent pressure in the foreign exchange market and rising demand for forex by businesses and importers.
Latest figures released by the Central Bank of Nigeria showed that the naira traded at approximately ₦1,373.5/$ at the Nigerian Foreign Exchange Market (NFEM), compared to ₦1,372/$ recorded in the previous trading session.
The marginal decline reflects continued strain on the local currency despite ongoing efforts by monetary authorities to stabilise the forex market.
At the parallel market, popularly known as the black market, the dollar exchanged at about ₦1,395/$ on Tuesday, up from around ₦1,390/$ recorded at the close of trading last Friday.
The latest movement widened the gap between the official and parallel market rates to roughly ₦21.5 per dollar.
Market analysts attributed the fluctuation to sustained foreign exchange demand from importers, manufacturers, and other businesses seeking access to dollars.
The CBN’s data also showed increased activity in the interbank forex market, with turnover rising significantly to about $76.3 million, an indication of stronger trading volume across the market.
Meanwhile, external exchange rate trackers placed the USD/NGN rate at around ₦1,371 on Tuesday, suggesting that the naira has remained relatively stable in recent sessions despite mild volatility in the currency market.
