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Naira steady at ₦1,375 as dollar trades higher in black market
Dollar to naira exchange rates remained relatively stable, with the naira selling higher in the black market across Lagos and Abuja.
The Nigerian naira maintained a relatively stable position against the United States dollar on Monday, May 25, 2026, across both the official and parallel foreign exchange markets.
At the official Nigerian Foreign Exchange Market (NFEM), data from the Central Bank of Nigeria showed the naira trading around ₦1,375 per dollar, close to its last recorded rate of ₦1,375.46/$ on May 22.
In the parallel market, Bureau De Change operators in Lagos and Abuja sold the dollar at between ₦1,395 and ₦1,400, while buying rates stood near ₦1,385.
Street market trackers also indicated the naira exchanged at approximately ₦1,397 per dollar during morning trading.
The spread between the official and black market rates reflects continued pressure in retail forex demand, even as Central Bank of Nigeria interventions support relative stability.
Analysts attribute the naira’s performance to improved dollar inflows and tighter monetary policy, though they caution that import demand and external shocks remain key risks.
The NFEM rate serves as the CBN’s benchmark exchange rate, calculated using a volume-weighted average system based on market transactions.
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