Naira Gains Momentum as Dollar Rate Sparks Fresh Tension Across Nigeria
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Nigeria’s foreign exchange market witnessed a dramatic twist as the naira showed surprising strength against the US dollar, sparking fresh reactions among traders, investors, and everyday Nigerians.
On Thursday, May 14, 2026, the Nigerian naira showed a mixed performance against the US dollar, with rates differing between the official and parallel (black) markets, as market participants kept a close eye on dollar availability and Central Bank of Nigeria (CBN) activity.
In the official market, the naira was exchanging at roughly ₦1,375.62 to the dollar at the NFEM window, buoyed by a better supply of dollars and healthier trading volumes.
Trading activity at the official window saw a notable spike, with single-day FX turnover reaching approximately $1.89 billion a sign of greater market liquidity and stronger involvement from banks and investors.
Experts noted this helped ease some of the pressure on the naira in recent days.
On the street market side, a dollar was going for between ₦1,395 and ₦1,405, varying by location and deal size.
BDC operators across Lagos and Abuja were buying dollars at around ₦1,385–₦1,395 and selling at roughly ₦1,400–₦1,405.
Notably, the gap between official and black-market rates has narrowed to between ₦20 and ₦30, a marked improvement from the wider spreads recorded earlier in 2026.
Analysts credited the naira's relative calm to consistent CBN interventions, growing foreign reserves recently standing at about $48.48 billion and improved confidence among investors.
That said, currency traders pointed out that ongoing demand from importers, travelers, and businesses still puts upward pressure on black-market rates, despite the reforms being carried out in Nigeria's FX sector.
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