The Nigerian naira recorded a marginal depreciation against the United States dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Monday, as pressure on the local currency persisted despite ongoing interventions by the Central Bank of Nigeria.
Data from the latest daily exchange rate report released by Nairametrics showed that the naira closed at ₦1,364.00/$ at the official market, compared to ₦1,358.01/$ recorded previously.
The movement represents a depreciation of ₦5.99 or 0.44% at the official foreign exchange window.
At the parallel market, also known as the black market, the naira weakened further against the dollar as Bureau De Change operators quoted the greenback at ₦1,390/$, up from ₦1,380/$ recorded earlier. This reflects a depreciation of ₦10 or 0.72%.
However, the local currency posted mild gains against other major foreign currencies in the unofficial market.
The British pound traded at ₦1,830/£, improving from ₦1,840/£, while the euro appreciated slightly to ₦1,610/€, compared to ₦1,620/€ recorded previously.
The Canadian dollar remained unchanged at ₦1,005/CAD.
The spread between the official NAFEM rate and the parallel market rate widened to approximately ₦26 per dollar, representing a premium of about 1.9%. Analysts say the gap continues to reflect lingering fragmentation within Nigeria’s foreign exchange market despite reforms aimed at improving liquidity and price convergence.
Meanwhile, Nigeria’s external reserves remains largely stable, offering little indication of immediate pressure on the country’s foreign exchange buffers.
Latest data showed that the reserves stood at $48.326 billion as of May 7, 2026, slightly higher than the previous level of $48.324 billion, representing a marginal increase of 0.004%.
Market analysts noted that the stability in reserves may provide temporary support for the naira, although concerns remain over sustained dollar demand, oil revenue performance, foreign portfolio inflows, and future monetary policy decisions by the CBN.
