The Nigerian naira recorded a slight appreciation against the United States dollar across both the official and parallel foreign exchange markets on Wednesday, May 13, 2026, amid improving liquidity conditions and sustained market interventions by the Central Bank of Nigeria.
Official Market Performance
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira traded around ₦1,373 per dollar at the official market, improving from approximately ₦1,375 recorded in the previous trading session. The development reflects a marginal gain for the local currency at the regulated market window.
Parallel Market Trends
At the parallel market, also known as the black market, the naira exchanged between ₦1,395 and ₦1,405 per dollar in Lagos and other major trading hubs on Wednesday. This represented a slight appreciation compared to earlier rates seen at the start of the week.
Factors Behind the Appreciation
Market analysts attributed the improved performance of the naira to increased dollar supply in the official market, reduced speculative demand, and continued interventions by the Central Bank of Nigeria aimed at narrowing the gap between the official and unofficial markets.
Narrowing Spread
The spread between the official NFEM rate and the parallel market rate narrowed to roughly ₦20–₦30 per dollar, signaling relative stability in the foreign exchange market compared to wider margins recorded earlier in the year.
Market Activity
Meanwhile, turnover at the NFEM window also improved, indicating stronger participation from authorized dealers and foreign exchange traders as demand pressures remain elevated from importers, school fee payments, business transactions, and travel-related obligations.
by Linda Ikeji at 13/05/2026 11:24 AM
